Average Fixed Mortgage Rates Reverse Course
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates ending their six week streak of record-setting lows. Regardless, mortgage rates still remain near the historic lows helping to keep homebuyer affordability high, and providing a strong incentive for those looking to refinance.
Results showed that the 30-year fixed-rate mortgage (FRM) averaged 3.71 percent with an average 0.7 point for the week ending June 14, 2012, up from last week when it averaged 3.67 percent. Last year at this time, the 30-year FRM averaged 4.50 percent.
Additionally, the 15-year FRM this week averaged 2.98 percent with an average 0.7 point, up from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.67 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week, with an average 0.6 point, down from last week when it averaged 2.84. A year ago, the 5-year ARM averaged 3.27 percent.
The 1-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.5 point, down from last week when it averaged 2.79 percent. At this time last year, the 1-year ARM averaged 2.97 percent.
“Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases,” says Frank Nothaft, vice president and chief economist of Freddie Mac. “The Federal Reserve Board reported that household net worth rose by $2 trillion to $62.9 trillion over the first three months of 2012 primarily due to increases in stock markets. However, this is still well below the peak of $67.5 trillion set in the third quarter of 2007. Nonetheless, homeowners saw an aggregate $372 billion rise in property values over the first three months of this year.”
For more information, visit www.FreddieMac.com.
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