Mortgage Rates Settle in Near Record Lows
November 8, 2012
Fixed mortgage rates were mixed following the monthly employment report but continued to hover near their record lows over the past six weeks, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year FRM averaged 3.4 percent with an average .7 point for the week ending Nov. 8, up from last week when it averaged 3.39 percent. Last year at this time, the 30-year FRM averaged 3.99 percent.
“Mortgage rates remained near record lows following the employment report for October,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.9 percent and that average hourly wages were unchanged."
Meanwhile, the 15-year FRM this week averaged 2.69 percent with an average .7 point, down from last week when it averaged 2.7 percent. A year ago at this time, the 15-year FRM averaged 3.3 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.73 percent this week with an average 0.6 point, down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.98 percent.
The 1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.4 point, up from last week when it averaged 2.58 percent. At this time last year, the 1-year ARM averaged 2.95 percent.