Mortgage Rates Settle in Near Record Lows
MCLEAN, Va., Nov. 8, 2012
MCLEAN, Va., Nov. 8, 2012 /PRNewswire/ --Freddie Mac (OTC: FMCC) today
released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing
fixed mortgage rates mixed following the monthly employment report but
continuing to hover near their record lows over the past six weeks. Last year
at this time, the 30-year fixed-rate mortgage averaged 3.99 percent, dropping
below 4.00 percent for the first time since Freddie Mac started reporting its
weekly mortgage rates survey in 1971.
o30-year fixed-rate mortgage (FRM) averaged 3.40 percent with an average
0.7 point for the week ending November 8, 2012, up from last week when it
averaged 3.39 percent. Last year at this time, the 30-year FRM averaged
o15-year FRM this week averaged 2.69 percent with an average 0.7 point,
down from last week when it averaged 2.70 percent. A year ago at this
time, the 15-year FRM averaged 3.30 percent.
o5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged
2.73 percent this week with an average 0.6 point, down from last week when
it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.98
o1-year Treasury-indexed ARM averaged 2.59 percent this week with an
average 0.4 point, up from last week when it averaged 2.58 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.
"Mortgage rates remained near record lows following the employment report for
October. The economy added 171,000 jobs, above the market consensus forecast,
and the two prior months were revised up a combined 84,000. The Labor
Department also reported that the unemployment rate ticked up to 7.9 percent
and that average hourly wages were unchanged."
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
Contact: Chad Wandler, +1-703-903-2446, Chad_Wandler@FreddieMac.com
Press spacebar to pause and continue. Press esc to stop.