Little Change in Mortgage Rates, 30-Year Hits Another Record Low

January 19, 2012 (Shirley Allen)

Mortgage interest rates remained virtually unchanged from last week with the 30-year fixed rate mortgage dropping one basis point to a new record low of 3.88 percent according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending January 19th.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages were at or near record lows this week with the 30-year fixed rate mortgage averaging a new all-time record low of 3.88 percent with an average of 0.8 points, down from last week’s average of 3.89 percent, which was the previous all-time record low. A year ago, the 30-year fixed rate mortgage averaged 4.74 percent.

It was the also 12th consecutive week that 30-year fixed mortgage rates have been four percent or lower.

The 15-year fixed rate mortgage averaged 3.17 percent with an average of 0.8 points, up one basis point from last week’s all-time record low average of 3.16 percent. At this time last year, the 15-year fixed rate mortgage averaged 4.05 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable mortgages also remained at or set record lows this week with the 5-year Treasury-indexed hybrid ARM remaining unchanged from last week’s record low average of 2.82 percent, with an average of 0.7 points. The 5-year adjustable rate mortgage averaged 3.69 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage decreased again this week averaging a new all-time record low of 2.74 percent with an average of 0.6 points, down from an average of 2.76 percent last week, which was also its previous record low. A year ago, the 1-year adjustable rate mortgage averaged 3.25 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Mortgage rates were nearly unchanged this holiday week in lieu of a mixed bag of economic data reports. On the consumer front, retail sales edged up only 0.1 percent in December, but the Reuters/University of Michigan sentiment index continued to climb in January to the highest reading since February 2011. On the business side, industrial production rose 0.4 percent in December, slightly below the market consensus forecast, and the core producer price index rose faster than market expectations. Finally, on the home construction front, builder confidence rose for the fourth consecutive month in January to the highest level since June 2007.”

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.88 3.88 3.89 3.89 3.93 3.83
Fees & Points 0.8 0.8 0.8 0.6 0.8 0.8

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.17 3.17 3.16 3.19 3.23 3.12
Fees & Points 0.8 0.8 0.8 0.5 0.8 0.8

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.82 2.82 2.78 2.95 2.89 2.69
Fees & Points 0.7 0.7 0.7 0.5 0.7 0.6
Margin 2.74 2.74 2.75 2.73 2.76 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.74 2.81 2.63 2.85 2.64 2.70
Fees & Points 0.6 0.9 0.6 0.5 0.6 0.5
Margin 2.76 2.79 2.75 2.73 2.77 2.75

The National Mortgage Rate Snapshot One Year Ago One Week Ago
  30-YR 15-YR 5/1-YR 1-YR ARM 30-YR 15-YR 5/1-YR 1-YR ARM
Average 4.74   4.05   3.69   3.25   3.89   3.16   2.82   2.76  
Fees & Points 0.8   0.8   0.7   0.6   0.7   0.8   0.7   0.6  
Margin N/A N/A 2.75   2.76   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac