Mortgage Rates Continue to Hover Around Lows
Freddie Mac released the results of its Primary Mortgage Market Survey for the week ending November 8th, 2012, showing mortgage rates continuing to hover around their all-time lows for the past six weeks. As a result of mortgage rates being so low, this has pushed homebuyer’s purchasing power a lot higher and helped refinancers unlock savings.
Frank Nothaft, Vice President of Freddie Mac said, “Mortgage rates remained near record lows [this week] following the employment report for October.” There were more than 170,000 new jobs added, which was above the forecast, and the two prior months were revised.
Here’s a look at how the mortgage rates averaged this week ending November 8th, 2012:
- 30-year fixed rate mortgages (FRM) averaged 3.40 percent, up from last week when the 30-year FRM averaged 3.39 percent. A year ago, the 30-year FRM dropped below 4.00 percent for the first time since 1971.
- 15-year FRM averaged 2.69 percent this week, down from last week when it averaged 2.70 percent. At this time a year ago, it averaged 3.30 percent.
- 5-year adjustable-rate mortgage (ARM) averaged 2.73 percent, down from last week when it averaged 2.74 percent. A year ago at this time, it averaged 2.98 percent.
- 1-year ARM averaged 2.59 percent this week, up from last week when the 1-year ARM averaged 2.58 percent. A year ago, it averaged 2.95 percent.
Learn more information about mortgage rates, the real estate market, or real estate news here. If you’re interested in looking for homes for sale Indianapolis, you can easily search for homes here. Contact me if you have any questions, and if you’re a first-time
homebuyer interested in learning more, here’s a free First-Time Homebuyer Guide.
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