15-Year Fixed Mortgage Rate Falls to Record Low Despite Strong Construction Pace
Moments ago, Freddie Mac released the results of its Primary Mortgage Market Survey, showing mortgage rates remained more or less unchanged this week as home construction builds up steam. “Construction on single-family homes jumped to an annualized rate of 11 percent in September, the strongest pace since August 2008.” Despite the rise in homebuilder confidence, the 15-year fixed mortgage rate dropped to a new all-time record low.
- 30-year fixed-rate mortgage (FRM) averaged 3.37 percent for the week ending October 18, 2012, down from last week when it averaged 3.39 percent. A year ago at this time, the 30-year FRM averaged 4.11 percent.
- 15-year FRM, which is a popular choice for refinancing, dipped to an all-time record low this week when it averaged 2.66 percent. Last week the 15-year FRM averaged 2.70 percent, and last year the 15-year FRM averaged 3.38 percent.
- 5-year adjustable-rate mortgage (ARM) averaged 2.75 percent, up from last week when it averaged 2.73 percent. At this time a year ago, the 5-year ARM averaged 3.01 percent.
- 1-year ARM averaged 2.60 percent this week, up from last week when it averaged 2.59 percent. A year ago, the 1-year ARM averaged 2.94 percent.
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