Welcome to the last Primary Mortgage Market Survey of the year. And fortunately for all you rate watchers, it ends on a good note! I know we’re all busy either getting caught back up with work after a few days off from the holiday or trying to dig our way out of snowpocalypse 2012! (Or in my case, trying to get caught up on work WHILE digging my way out of the mountains of Christmas gift trash cluttering up my house. Oh and the snowpocalyse…womp womp.)

So, without further ado, ladies and gentlemen, your PMMS report:

30-year fixed-rate mortgages dropped this week, reaching 3.35% with an average of 0.7 points. Last week they averaged 3.37%. While the decrease is slight, it’s still good news for you folks looking to refinance before the new year. Last year at this time, the 30-year fixed rate averaged 3.95%.

15-year fixed-rate mortgages actually stayed the same this week at 2.65% with an average of 0.7 points. Last year, the 15-year rate averaged 3.24%.

ARMs were a mixed bag again this week. The  5-year ARM averaged 2.70% with an average 0.7 points, down from last week when it averaged 2.71%. Meanwhile the 1-year ARM was at 2.56% this week with an average 0.5 points, up from last week when it averaged 2.52%. A year ago the 5-year ARM and the 1-year ARM averaged 2.88% and 2.78% respectively.

And now for the feature that doesn’t change, our weekly quote from Frank Nothaft, vice president and chief economist from Freddie Mac:

“Mortgage rates ended this year near record lows. The 30-year fixed-rate mortgage averaged 3.66 percent for 2012, the lowest annual average in at least 65 years. Rates on 30-year fixed mortgages were nearly 0.6 percentage points below that of the beginning of the year, which translates into an interest payment savings of nearly $98,600 over the life of a $200,000 loan. Moreover, opting for a 15-year fixed mortgage at today’s rates, a homeowner could save an additional $138,400 in interest payments.”

And that’s it for me! See you guys in 2013! Have a safe and happy New Year!

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