Mortgage Rates See Little Movement

October 12, 2012 (Shirley Allen)

Mortgage interest rates moved slightly higher off last week’s record lows as both fixed-rate mortgages and adjustable-rate mortgages saw increases according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending October 11th.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages climbed slightly off last week’s record lows with the 30-year fixed rate averaging 3.39 percent with an average of 0.7 points, up from an average of 3.36 percent last week. It was the 29th 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 portion of the United States while the highest rates were reported in the Southeastern and Southwestern areas of the country.

The 15-year fixed rate mortgage averaged 2.70 percent with an average of 0.6 points, up from an average of 2.69 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 20 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.37 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages also saw a slight increase this week with the 5-year Treasury-indexed hybrid ARM averaging 2.73 percent, with an average of 0.6 points, up from last week’s average of 2.72 percent. The 5-year adjustable rate mortgage averaged 3.06 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.59 percent with an average of 0.4 points, down from 2.57 percent last week. A year ago, the 1-year adjustable rate mortgage averaged 2.90 percent.

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.39 3.42 3.43 3.37 3.43 3.35
Fees & Points 0.7 0.6 0.7 0.6 0.7 0.7

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 2.70 2.72 2.74 2.68 2.73 2.66
Fees & Points 0.6 0.6 0.6 0.5 0.6 0.6

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.73 2.73 2.74 2.86 2.68 2.67
Fees & Points 0.6 0.5 0.7 0.6 0.6 0.5
Margin 2.74 2.74 2.75 2.73 2.77 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.59 2.50 2.69 2.63 2.67 2.58
Fees & Points 0.4 0.5 0.6 0.4 0.4 0.3
Margin 2.77 2.80 2.78 2.73 2.78 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 4.12   3.37   3.06   2.90   3.36   2.69   2.72   2.57  
Fees & Points 0.8   0.8   0.6   0.6   0.6   0.5   0.6   0.4  
Margin N/A N/A 2.74   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