Freddie Mac (OTC: FMCC) yesterday released the results of its
Primary Mortgage Market Survey (PMMS), showing average fixed
mortgage rates ending their six week streak of record-setting lows.
Regardless, mortgage rates still remain near the historic lows
helping to keep home buyer affordability high, and providing a
strong incentive for those looking to refinance.
News Facts
-
30-year fixed-rate mortgage (FRM) averaged 3.71 percent with
an average 0.7 point for the week ending June 14, 2012, up from
last week when it averaged 3.67 percent. Last year at this time,
the 30-year FRM averaged 4.50 percent.
-
15-year FRM this week averaged 2.98 percent with an average
0.7 point, up from last week when it averaged 2.94 percent.
A year ago at this time, the 15-year FRM averaged 3.67
percent.
-
5-year Treasury-indexed hybrid adjustable-rate mortgage
(ARM) averaged 2.80 percent this week, with an average 0.6
point, down from last week when it averaged 2.84. A year ago,
the 5-year ARM averaged 3.27 percent.
-
1-year Treasury-indexed ARM averaged 2.78 percent this week
with an average 0.5 point, down from last week when it averaged
2.79 percent. At this time last year, the 1-year ARM averaged
2.97 percent.
Average commitment rates should be reported along with average
fees and points to reflect the total upfront cost of obtaining the
mortgage. Visit the following links for
Regional and National Mortgage Rate Details and
Definitions. Borrowers may still pay closing costs which are not
included in the survey.
Quotes
Attributed to Frank Nothaft, vice president and chief economist,
Freddie Mac.
- "Fixed mortgage rates edged up slightly from record lows
during a mild week of economic data releases. The Federal
Reserve Board
reported that household net worth rose by $2 trillion to
$62.9 trillion over the first three months of 2012 primarily due
to increases in stock markets. However, this is still well below
the peak of $67.5 trillion set in the third quarter of 2007.
Nonetheless, homeowners saw an aggregate $372 billion rise in
property values over the first three months of this year."
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