Mortgage Rates Fall to Record Lows
Mortgage rates fell to all-time record lows this week, according to Freddie Mac. Data from its Primary Mortgage Market Survey show that mortgage rates dropped to new lows, pushing housing affordability up for homebuyers. The last time mortgage rates were at their all-time lows was the week of October 4th, 2012.
“Fixed mortgage rates eased this week to record lows on indicators of higher consumer confidence and lower wholesale prices,” said Frank Nothaft, Chief Economist of Freddie Mac.
Here are the mortgage rates’ averages for the week ending November 15, 2012:
- 30-year fixed-rate mortgage averaged a record low of 3.34 percent. This is down from its previous record low of 3.36 percent. Last year, the 30-year fixed-rate mortgage averaged 4.00 percent.
- 15-year fixed-rate mortgage averaged a record low of 2.65 percent. The previous low for the 15-year FRM was 2.66 percent, set during the week of October 18th, 2012. A year ago, the 15-year fixed-rate mortgage averaged 3.31 percent.
- 5-year adjustable-rate mortgage (ARM) averaged 2.74 percent, up from last week when it averaged 2.73 percent. A year ago, the 5-year ARM averaged 2.97 percent.
- 1-year ARM averaged 2.55 percent this week, down from last week when it averaged 2.59 percent. A year ago, it averaged 2.98 percent.
Learn more about mortgage rates, the real estate market, and 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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