November 23, 2012 (Shirley Allen)
For the second consecutive week, interest rates on 30-year fixed rate mortgages fell to a new record low according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending November 21st.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell again this week with the 30-year fixed rate averaging a new record low of 3.31 percent with an average of 0.7 points, down from an average of 3.34 percent last week. It was the 35th consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 3.98 percent.
Average 30-year rates remained the lowest in the Western portion of the United States where mortgage rates averaged 3.27 percent while the highest rates were reported in the Northeastern and Southeastern areas of the country where interest rates averaged 3.35 percent.
The 15-year fixed rate mortgage averaged 2.63 percent with an average of 0.7 points, down from an average of 2.65 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 25 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.30 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed with the 5-year Treasury-indexed hybrid ARM averaging 2.74 percent, with an average of 0.6 points, which was unchanged from last week. The 5-year adjustable rate mortgage averaged 2.91 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.56 percent with an average of 0.5 points, up from 2.55 percent last week. A year ago, the 1-year adjustable rate mortgage averaged 2.79 percent.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.6||0.8||0.8||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.7||0.7||0.7||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.7||0.7||0.7||0.5|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.4||0.6||0.5||0.6||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||0.7||0.6||0.3|
Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury