June 29, 2012 (Shirley Allen)
Thirty-year fixed rate mortgages remained at their record low for another week while 15-year fixed mortgages fell one basis point, matching its record low according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending June 28th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages declined or remained unchanged from last week with the 30-year fixed rate remaining at its all-time record low average of 3.66 percent with an average of 0.7 points. A year ago, the 30-year fixed rate mortgage averaged 4.51 percent.
The 15-year fixed rate mortgage fell back to its record low average of 2.94 percent with an average of 0.7 points, down from last week’s average of 2.95 percent. At this time last year, the 15-year fixed rate mortgage averaged 3.69 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages were mixed last week with the 5-year Treasury-indexed hybrid ARM averaging 2.79 percent, with an average of 0.6 points, up from last week’s average of 2.77 percent. The 5-year adjustable rate mortgage averaged 3.22 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.74 percent with an average of 0.5 points, unchanged from the previous week. A year ago, the 1-year adjustable rate mortgage averaged 2.97 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Mortgage rates were virtually unchanged this week hovering at or near record lows and should further help to support a recovering housing market. Both the S&P/Case Shiller® 20-city composite and the Federal Housing Finance Agency’s house price indexes showed over a 0.5 percent monthly increase in April. Meanwhile, pending existing home sales rebounded in May by 5.9 percent to match a two year high and new home sales jumped 7.6 percent to its fastest pace since April 2010.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.6||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.6||0.7||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.7||0.6||0.5||0.7||0.7|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.4||0.6||0.4||0.2||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||0.7||0.6||0.6||0.7||0.6||0.6||0.5|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury