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Record Low Mortgage Rates

Mortgage Rates near Record Lows as Home Construction Builds up Steam

Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS) showing fixed mortgage rates edging slightly lower with the 30-year fixed averaging 3.37 percent just above its all-time record low of 3.36 percent and the average 15-year fixed dipping to a new all-time record low at 2.66 percent.

The 30-year fixed-rate mortgage (FRM) averaged 3.37 percent with an average 0.7 point for the week ending October 18 2012 down from last week when it averaged 3.39 percent. Last year at this time the 30-year FRM averaged 4.11 percent.

Additionally the 15-year FRM this week averaged 2.66 percent with an average 0.6 point down from last week when it averaged 2.70 percent. A year ago at this time the 15-year FRM averaged 3.38 percent.

Survey results showed that 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 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 3.01 percent.

The 1-year Treasury-indexed ARM averaged 2.60 percent this week with an average 0.4 point up from last week when it averaged 2.59 percent. last week. At this time last year the 1-year ARM averaged 2.94 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

"Mortgage rates remained more or less unchanged this week as home construction builds up steam" says Frank Nothaft vice president and chief economist Freddie Mac. "Construction on single-family homes jumped to an annualized rate of 11 percent in August the strongest pace since August 2008. Over the first nine months of the year single-family starts were 23 percent higher than the same period last year. Moreover homebuilder confidence rose for the sixth consecutive month in October to the highest level since June 2006 according to the NAHB/Wells Fargo Housing Market Index."

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