Mortgage Rates Calm, Near Record Lows
MCLEAN, Va., Dec. 6, 2012
MCLEAN, Va., Dec. 6, 2012 /PRNewswire/ --Freddie Mac (OTC: FMCC) today
released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing
fixed mortgage rates little changed and remaining near their record lows
helping to keep homebuyer affordability high and attractive to those looking
o30-year fixed-rate mortgage (FRM) averaged 3.34 percent with an average
0.7 point for the week ending December 6, 2012, up from last week when it
averaged 3.32 percent. Last year at this time, the 30-year FRM averaged
o15-year FRM this week averaged 2.67 percent with an average 0.6 point, up
from last week when it averaged 2.64 percent. A year ago at this time,
the 15-year FRM averaged 3.27 percent.
o5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged
2.69 percent this week with an average 0.6 point, down from last week when
it averaged 2.72 percent. A year ago, the 5-year ARM averaged 2.93
o1-year Treasury-indexed ARM averaged 2.55 percent this week with an
average 0.4 point, down from last week when it averaged 2.56. At this time
last year, the 1-year ARM averaged 2.80 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 were little changed and near record lows this week amid
indicators of stronger economic growth and signs of tame inflation. Third
quarter real GDP growth was revised from an initial report of 2.0 percent to
2.7 percent, nearly matching the market consensus forecast. Meanwhile, the
12-month growth rate of the core price index of consumer expenditures remained
at 1.7 percent in October which is on the low end of the Federal Reserve's
projection range for this year.
"The housing market is aiding in this recovery. For instance, fixed
residential investment added positive growth over the past six consecutive
quarters and in the third quarter alone contributed 0.3 percentage points to
real GDP growth. In addition, residential construction spending was up 3
percent between September and October. And, pending home sales saw a 5.2
percent increase in October to its highest reading since March 2007."
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: Media, Chad Wandler, +1-703-903-2446, Chad_Wandler@FreddieMac.com
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