Fixed Mortgage Rates Match All-time Record Lows

Friday, June 29, 2012

30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.7 point for the week ending June 28, 2012, the same as last week. Last year at this time, the 30-year FRM averaged 4.51 percent.

15-year FRM this week averaged 2.94 percent with an average 0.7 point, down from last week when it averaged 2.95 percent. A year ago at this time, the 15-year FRM averaged 3.69 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent this week, with an average 0.6 point, up from last week when it averaged 2.77. A year ago, the 5-year ARM averaged 3.22 percent.

1-year Treasury-indexed ARM averaged 2.74 percent this week with an average 0.4 point, the same as last week. At this time last year, the 1-year ARM averaged 2.97 percent.

According to Frank Nothaft, vice president and chief economist, Freddie Mac: "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."

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