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30-year Fixed-rate Mortgage Matches All-time Record Low

January 5, 2012

The average fixed mortgage rates started the year at or near all-time lows, according to the latest Freddie Mac Primary Mortgage Market Survey.

The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry. This marks the fifth consecutive week the 30-year fixed has averaged below 4 percent. The 30-year FRM also had an average 0.8 point for the week ending Jan. 5. The prior week, the 30-year FRM averaged 3.95 percent and averaged 4.77 percent last year at this time.

"Fixed mortgage rates started the year a little lower this week just as recent data reports indicate the housing market and manufacturing industry are showing signs of improvement,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Pending existing home sales in November jumped 7.3 percent, nearly five times greater than the market consensus forecast, to its strongest pace since April 2010. In addition, construction spending rose 1.2 percent in November, supported by the residential sector which exhibited its fourth consecutive monthly increase. Similarly, manufacturing expanded in December at the fastest pace in six months."

Meanwhile, the 15-year FRM this week averaged 3.23 percent with an average 0.8 point, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 4.13 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week, with an average 0.7 point, down from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 3.75 percent.

The 1-year Treasury-indexed ARM averaged 2.80 percent this week with an average 0.6 point, up from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 3.24 percent.



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