Mortgage Rates Remain in the Cellar – LOW, LOW, LOW!!!

Do you remember when Kirstie Alley replaced Shelly Long on Cheers and the whole world lost their minds? Wait. I’m getting deja vu here….

Ok, ok, so I’m still riding the waves of last week’s takeover of the Primary Mortgage Market Survey report from my friend and teammate, Eric Mally. He knew his stuff, and I know everyone who reads this looked forward to his posts. I’m still learning the ropes, but I’m learning from the best, so I think I’ll be up to speed soon.

So without further ado, here are the mortgage rates that you’re looking for:

So, last week, mortgage rates were really close to record lows, only up by .01%. Minuscule raise. Still pretty darn low, if you ask me. This week, according to Freddie Mac’s report, rates pretty much stayed the same. They rose another .o2%, but who’s worrying about that? That’s two one hundreths of one percent, my friends. Here’s how the PMMS looks:

30-year fixed-rate mortgages averaged 3.34% with an average 0.7 point for the week ending December 6, 2012, up from last week when it averaged 3.32%. Last year at this time, the 30-year FRM averaged 3.99%.

15-year fixed-rate mortgages also took another very slight upturn, this week averaging 2.67% with an average 0.6 point, up from last week when it averaged 2.64%. A year ago at this time, the 15-year FRM averaged 3.27%. 

ARMs  dropped slightly for the second week in a row. 5-year ARMs averaged 2.69% this week with an average 0.6 point, down from last week when it averaged 2.72%. A year ago, the 5-year ARM averaged 2.93%. The 1-year ARM averaged 2.55% this week with an average 0.4 point, down from last week when it averaged 2.56. At this time last year, the 1-year ARM averaged 2.80%.

Like we said in the headline – LOW, LOW, LOW.

 And now, as always, we have our weekly quote from Frank Nothaft, vice president and chief economist from Freddie Mac:

“Mortgage rates were little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation. Third quarter real GDP growth was revised from an initial report of 2.0 percent to 2.7 percent, nearly matching the market consensus forecast.  Meanwhile, the 12-month growth rate of the core price index of consumer expenditures remained at 1.7 percent in October, which is on the low end of the Federal Reserve’s projection range for this year.

“The housing market is aiding in this recovery. For instance, fixed residential investment added positive growth over the past six consecutive quarters and in the third quarter alone contributed 0.3 percentage points to real GDP growth. In addition, residential construction spending was up 3 percent between September and October. And, pending home sales saw a 5.2 percent increase in October to its highest reading since March 2007

Thanks, everyone. I hope that you got all the rate information you were looking for in today’s PMMS report. While rates may not be as low as last week, you’ll still want to take advantage of these crazy low rates, and look into refinancing or locking in to a new mortgage rate today.

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