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Fixed Mortgage Rates Match All-time Record Lows

Florida Mortgage Rates Still Low

Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey (PMMS) showing average fixed mortgage rates largely unchanged helping to keep homebuyer affordability high for those in the market to purchase or looking to refinance. Both the 30-year fixed and 15-year fixed rate mortgages matched their all-time record lows.

The 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.7 point for the week ending June 28 2012 the same as last week. Last year at this time the 30-year FRM averaged 4.51 percent.

Results showed that the 15-year FRM this week averaged 2.94 percent with an average 0.7 point down from last week when it averaged 2.95 percent. A year ago at this time the 15-year FRM averaged 3.69 percent.

Additionally the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent this week with an average 0.6 point up from last week when it averaged 2.77. A year ago the 5-year ARM averaged 3.22 percent.

The 1-year Treasury-indexed ARM averaged 2.74 percent this week with an average 0.4 point the same as last week. At this time last year the 1-year ARM averaged 2.97 percent.

"Mortgage rates were virtually unchanged this week hovering at or near record lows and should further help to support a recovering housing market" says Frank Nothaft vice president and chief economist Freddie Mac. "Both the S&P/Case Shiller 20-city composite and the Federal Housing Finance Agency's house price indexes showed over a 0.5 percent monthly increase in April. Meanwhile pending existing home sales rebounded in May by 5.9 percent to match a two year high and new home sales jumped 7.6 percent to its fastest pace since April 2010."

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