There are only a handful of things that can be measured in “record lows” – temperature, babies born, sea ice…um…oh, mortgage rates! Of course!
And this week, my friends, mortgage rates dropped! It wasn’t a dramatic drop by any means, but a drop is a drop and that means more money in your pocket. What are you waiting for? Check out this week’s Primary Mortgage Market Survey and see how your current rate compares.
If you don’t have a rate this low, then you know what? You’re missing out.
30-year fixed-rate mortgages fell to 3.32% with an average 0.7 point for the week ending December 6, 2012, down from last week when it averaged 3.34%. Last year at this time, the 30-year fixed rate averaged 3.94%.
15-year fixed-rate mortgages followed suit in the rate drop, falling to 2.66% with an average 0.6 point, down from last week when it averaged 2.66%. A year ago at this time, the 15-year fixed rate averaged 3.21%.
ARMs both raised and lowered this week. 5-year ARMs averaged 2.70% this week with an average 0.6 point, raising only slightly from last week when it averaged 2.69%. A year ago, the 5-year ARM averaged 2.86%. The 1-year ARM averaged 2.53% this week with an average 0.5 points, down from last week when it averaged 2.55%. At this time last year, the 1-year ARM averaged 2.81%.
And now, as always, we have our weekly quote from Frank Nothaft, vice president and chief economist from Freddie Mac:
“Mortgage rates held relatively steady following the November employment report. Although 146,000 jobs were created, above the market consensus forecast of 85,000, revisions subtracted 49,000 workers over the September and October period. The unemployment rate fell from 7.9 to 7.7 percent. However, in its December 12 monetary policy statement, the Federal Reserve (Fed) noted that this rate remains elevated and modified the statement to tie any increases to its target rate to the unemployment rate falling below 6.5 percent. The latest Fed central-tendency forecast is for unemployment to be between 7.4 and 7.7 percent in the fourth quarter of 2013 and between 6.8 and 7.3 percent by late 2014.”
Thanks, everyone. I hope that you got all the rate information you were looking for in today’s PMMS report. Ok, stop reading and take advantage of these crazy low rates. Refinance or lock in to a new mortgage rate today!