Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates finding new record lows for the second consecutive week keeping borrowing costs attractive to support the ongoing housing recovery.
Results show that the 30-year fixed-rate mortgage (FRM) averaged 3.31 percent with an average 0.7 point for the week ending November 21, 2012, down from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.98 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, the same as last week. A year ago, the 5-year ARM averaged 2.91 percent.
Additionally, the 15-year FRM this week averaged 2.63 percent with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.
The 1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, up from last week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.79 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.
“Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery. Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008,” says Frank Nothaft, vice president and chief economist, Freddie Mac.”
“In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index. And existing home sales increased 2.1 percent in October to an annualized pace of 4.79 million, exceeding the market consensus forecast.”
For more information, visit www.FreddieMac.com.