Record-Setting Low Fixed Mortgage Rates Persist
MCLEAN, Va., June 7, 2012
MCLEAN, Va., June 7, 2012 /PRNewswire/ --Freddie Mac (OTC: FMCC) today
released the results of its Primary Mortgage Market Survey® (PMMS®), showing
average fixed mortgage rates falling to new all-time record lows for the sixth
consecutive week amid weak economic and job data helping to keep homebuyer
o30-year fixed-rate mortgage (FRM) averaged 3.67 percent with an average
0.7 point for the week ending June 7, 2012, down from last week when it
averaged 3.75 percent. Last year at this time, the 30-year FRM averaged
o15-year FRM this week averaged 2.94 percent with an average 0.7 point,
down from last week when it averaged 2.97 percent. A year ago at this
time, the 15-year FRM averaged 3.68 percent.
o5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged
2.84 percent this week, with an average 0.7 point, the same as last week.
A year ago, the 5-year ARM averaged 3.28 percent.
o1-year Treasury-indexed ARM averaged 2.79 percent this week with an
average 0.4 point, up from last week when it averaged 2.75 percent. At
this time last year, the 1-year ARM averaged 2.95 percent.
Average commitment rates should be reported along with average fees and points
to reflect the total upfront cost of obtaining the mortgage. Visit the
following links for Regional and National Mortgage Rate Details and
Definitions. Borrowers may still pay closing costs which are not included in
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
o"Fixed mortgage rates reached new record lows for the sixth consecutive
week as long-term Treasury bond yields declined further following
downwardly revised economic growth and job creation data. Gross domestic
product rose 1.9 percent in the first quarter, after originally being
reported as 2.2 percent, led by gains in inventories, more government
cutbacks and the slowest increase in corporate profits in over three
years. In addition, the economy added 69,000 jobs in May, less than half
of the market consensus forecast and revisions subtracted a total of
49,000 workers in March and April. Lastly, the unemployment rate ticked up
from 8.1 percent in April to 8.2 percent."
Get the latest information from Freddie Mac's Office of the Chief Economist on
Freddie Mac was established by Congress in 1970 to provide liquidity,
stability and affordability to the nation's residential mortgage markets.
Freddie Mac supports communities across the nation by providing mortgage
capital to lenders. Today Freddie Mac is making home possible for one in four
homebuyers and is one of the largest sources of financing for multifamily
SOURCE Freddie Mac
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