Do you remember when Al Roker took over for Willard Scott as the Today Show’s weatherman? The whole world was in a tizzy, because everyone loved Willard Scott! He was goofy and fun. He wished happy birthdays to centenarians on air. He made people feel happy and special. Williard Scott is a national treasure! Who did this new guy think he was, coming in like he owned the place?
Well, that’s a little bit how I feel right now, coming in on my man Mally’s turf. He’s a pro at this Primary Mortgage Market Survey stuff. I have some very big shoes to fill, I know. I hope I can win you rate lovers over. I’ll do my best.
So, last week, mortgage rates had never been lower in history. This week, according to Freddie Mac’s report, they’re up, but only slightly, by .01%. Here’s the break down.
30-year fixed-rate mortgages rose slightly from last week’s record low of 3.31% to 3.32% with an average of 0.8 points this week. Last year at this time, the 30-year fixed-rate mortgage averaged 4.00%
15-year fixed-rate mortgages also took a very slight upturn, going from last week’s 2.63% to this week’s 2.64% with 0.6 points. While last week had a record-setting low, marking five straight weeks of dropping rates, it’s still a far cry from last year’s 3.30%.
ARMs have taken a nice little turn, with 5-year ARMs dropping to 2.72% with 0.6 points, down from last week’s 2.74%, and 1-year ARMs have remained comfortable at 2.56% with 0.4 points this week.
Last year at this time, 5-year ARMs and 1-year ARMs averaged 2.90% and 2.78%, respectively.
And now, as always, we have our weekly quote from Frank Nothaft, vice president and chief economist from Freddie Mac:
“Mortgage rates were virtually unchanged this week amid growing concerns around the fiscal cliff. Although low mortgage rates failed to boost new home sales in October, year-to-date sales are up 20 percent compared with 2011 volumes, and there are growing signs of a turnaround in house prices. The S&P/Case-Shiller® national home price index (seasonally adjusted) rose 5.2 percent over the first three quarters of this year. In addition, all 20 of the city indices (seasonally adjusted) had positive growth over the first 9 months, led by a 17.9 percent increase in Phoenix. More recently, the Federal Reserve’s November 28th regional economic review, known as the Beige Book, noted that 10 of the 12 districts reported the market for single-family homes continued to improve leading into mid-November.”
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.