Mortgage Rates Hit New Lows Again
Frank Nothaft, Freddie Mac Chief Economist said, “Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery.” Nothaft continued, “New construction on homes was up in October to the strongest pace since July 2008.”
Here are the mortgage rates’ averages for the week ending November 21, 2012:
- 30-year fixed-rate mortgage averaged a record low of 3.31 percent. This is down from its previous record low of 3.34 percent, last week. Last year, the 30-year fixed-rate mortgage averaged 3.98 percent.
- 15-year fixed-rate mortgage averaged a new record low of 2.63 percent. The previous low for the 15-year FRM was 2.65 percent, set last week. A year ago, the 15-year fixed-rate mortgage averaged 3.30 percent.
- 5-year adjustable-rate mortgage (ARM) averaged 2.74 percent, staying the same as last week’s average. A year ago, the 5-year ARM averaged 2.91 percent.
- 1-year ARM averaged 2.56 percent this week, up from last week when it averaged 2.55 percent. A year ago, it averaged 2.79 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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