September 7, 2012 (Shirley Allen)
The effects of a sluggish economy resulted in further declines in Treasury Bond yields this week, pushing mortgage interest rates back to near record lows according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending September 6th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages moved lower this week, with the 30-year fixed rate averaging 3.55 percent with an average of 0.7 points, down from the previous week’s average of 3.59 percent. It was the 24th consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 4.12 percent.
Average 30-year rates were lowest in the Western region of the United States while the highest rates were reported in the Southeastern region of the country.
The 15-year fixed rate mortgage averaged 2.86 percent with an average of 0.6 points, unchanged from last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 15 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.33 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were also down this week with the 5-year Treasury-indexed hybrid ARM averaging 2.75 percent, with an average of 0.7 points, down from last week’s average of 2.78 percent. The 5-year adjustable rate mortgage averaged 2.96 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.61 percent with an average of 0.4 points, down from last week’s average of 2.63 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.84 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Mortgage rates were little changed over the holiday week amid mixed economic data releases. Although consumer spending rose 0.4 percent in July, representing the largest gain in five months, the core price index was unchanged suggesting little threat of inflation. Consumer confidence picked up slightly in August according to the University of Michigan, but remained below this year’s peak in May. And the manufacturing industry contracted for the third consecutive month in August.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.8||0.7||0.8||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.7||0.6||0.6||0.6|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.6||0.7||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.4||0.5||0.5||0.3||0.4||0.3|
|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|
|Fees & Points||0.7||0.6||0.6||0.6||0.6||0.6||0.6||0.4|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury