Mortgage Rates Back Near Record Lows
Under signs of low inflation and a growing economy, mortgage rates remained slightly unchanged this week, Freddie Mac reports. According to its Primary Mortgage Market Survey, mortgage rates inched down this week and are hovering near their all-time record lows.
A closer look at the mortgage rates for the week ending November 1st, 2012:
- 30-year fixed-rate mortgage averaged 3.39 percent, dropping from last week’s 3.41 percent average. The record low for the 30-year FRM, set in recent weeks, was an averaged 3.36 percent. A year ago, the 30-year FRM averaged 4.00 percent.
- 15-year FRM averaged 2.70 percent, dropping from last week’s 2.72 percent average. The 15-year FRM record low average is 2.66, which was set in mid-October. Last year, the 15-year FRM averaged 3.31 percent.
- 5-year adjustable-rate mortgage (ARM) averaged 2.74 percent, dropping from last week’s 2.75 percent average. A year ago, the 5-year ARMs averaged 2.96 percent.
- 1-year ARMs averaged 2.58 percent, dropping from last week’s 2.59 percent average. A year ago, 1-year ARM averaged 2.88 percent.
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