Mortgage Rates Stay Near Record Lows

Saturday, December 1, 2012

Mortgage Rates Stay Near Record Lows

DAILY REAL ESTATE NEWS | FRIDAY, NOVEMBER 30, 2012

Fixed-rate mortgages stayed near their record lows this week, serving as attractive incentives for potential home buyers and refinancers.

"Mortgage rates were virtually unchanged this week amid growing concerns around the fiscal cliff,” says Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 29:

· 30-year fixed-rate mortgages: averaged 3.32 percent, with an average 0.8 point, up slightly from last week’s record-breaking 3.31 percent average. A year ago, 30-year rates averaged 4 percent. The 30-year fixed-rate mortgage — the most popular choice among home buyers — has averaged below 4 percent for virtually every week in 2012, except for one.

· 15-year fixed-rate mortgages: averaged 2.64 percent, with an average 0.6 point, rising from last week’s record-breaking 2.63 percent average. Last year at this time, 15-year rates averaged 3.30 percent.

· 5-year adjustable-rate mortgages: averaged 2.72 percent, with an average 0.6 point, dropping from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 2.90 percent.

· 1-year ARMs: averaged 2.56 percent, with an average 0.5 point, the same average as last week. A year ago, 1-year ARMs averaged 2.78 percent.

Source: Freddie Mac