Mortgage Rates Dip to New Record Lows
November 15, 2012
Fixed mortgage rates dipped to new all-time record lows amid indicators of higher consumer confidence and lower wholesale prices, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) averaged 3.34 percent with an average .7 point for the week ending Nov. 15, down from last week when it averaged 3.40 percent. Last year at this time, the 30-year FRM averaged 4 percent. The previous record low for the 30-year fixed was set the week of October 4 when it averaged 3.36 percent
Meanwhile, the 15-year FRM this week averaged 2.65 percent with an average .7 point, down from last week when it averaged 2.69 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent. The previous record low for the 15-year fixed was set the week of October 18 when it averaged 2.66 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, up from last week when it averaged 2.73 percent. A year ago, the 5-year ARM averaged 2.97 percent.
The 1-year Treasury-indexed ARM averaged 2.55 percent this week with an average 0.3 point, down from last week when it averaged 2.59 percent. At this time last year, the 1-year ARM averaged 2.98 percent.