Mortgage Rates Hardly Move from Record Lows
Mortgage rates moved up slightly this week but remained near their all-time lows, according to Freddie Mac. The results of its Primary Mortgage Market Survey showed fixed mortgage rates hovering around their record lows are helping to support the housing market.
“Mortgage rates remained relatively unchanged this week and should continue to support the housing market and mortgage refinance…Moreover, new home sales rose to the most since April 2010. In addition, low rates and strong demand have already pushed the FHFA purchase-only home price index in August to its highest level since June 2010,” said Frank Nothaft, Vice President for Freddie Mac.
- 30-year fixed-rate mortgage (FRM) averaged 3.41 percent for the week ending October 25, 2012, up from last week when it averaged 3.37 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.
- 15-year FRM averaged 2.72 percent, up from last week when it averaged 2.66 percent. Last year, the 15-year FRM averaged 3.38 percent.
- 5-year adjustable-rate mortgage (ARM) averaged 2.75 percent this week, the same as last week. A year ago at this time, the 5-year ARM averaged 3.08 percent.
- 1-year ARM averaged 2.59 percent this week, down from last week when it averaged 2.60 percent. At this time a year ago, the 1-year ARM averaged 2.90 percent.
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