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Mortgage Rates Hover Near Record Lows
Posted By Eric Mally On November 8, 2012 @ 2:38 pm In Mortgage News,Mortgage Rates,Mortgage Updates and Changes,Refinance Mortgage,Refinancing | No Comments
I was asking some team members about that, and they’re convinced that I’m the only one in the country that does it – but I say nay.
If you’re out there, create a Facebook page and add me because we need to unite.
OR you could just head over here every Thursday to see my world-renowned analysis of Freddie Mac’s weekly Primary Mortgage Market Survey.
Let’s take a look at this week’s numbers, shall we?
30-year fixed-rate mortgages ticked up slightly from last week’s 3.39% with 0.7 points to 3.40% with 0.7 points this week. This week’s increase keeps the up-and-down nature of the 30-year fixed-rate mortgages alive for a seventh consecutive week. Last year at this time, 30-year fixed-rate mortgages averaged 3.99%.
15-year fixed-rate mortgages dropped slightly to 2.69% with 0.7 points this week from last week’s 2.70% with 0.7 points. Twelve months ago, 15-year fixed-rate mortgages averaged a colossal 3.30%.
Think about that for a second – this week’s average for 30-year fixed-rate mortgages is 3.40%, while last year’s average for 15-year fixed-rate mortgages was 3.30%. Isn’t that crazy?
Anyway, 5/1-year ARMs dropped to 2.73% with 0.6 points from last week’s 2.74% with 0.6 points, while 1-year ARMs jumped to 2.59% with 0.4 points from last week’s 2.58% with 0.4 points.
A year ago, 5/1-year ARMs and 1-year ARMs averaged 2.98% and 2.95%, respectively.
This is my favorite part of the week. Seriously. I look forward to reading what Frank Nothaft, chief economist and vice president from Freddie Mac, has to say every week just like I look forward to my Saturday breakfast at my local greasy spoon every week.
Yeah, Nip N Tuck – I’m talking about you (Hey Becky!).
Anyway, this week, Frank explained, “Mortgage rates remained near record lows following the employment report for October. The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.0 percent and that average hourly wages were unchanged.”
Frank, I couldn’t have said it any better.
All kidding aside, it wouldn’t be a weekly PMMS report without my advice to have you lock in to a low mortgage rate or refinance today. Who knows what will happen with rates next week, so take advance of today’s low rates before it’s too late.
That kind of rhymed.
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