Thursday, April 26, 2012

Fixed Mortgage Rates Hold Near Record Lows

Freddie Mac released it's weekly Primary Mortgage Market Survey Thursday, April 26th showing average fixed mortgage rates down slightly, hovering just above record lows.  The 30-year fixed-rate mortgage has been below 4% all but one week in 2012.

  • 30-Year fixed rate mortgage averaged 3.88%, up from 3.90% last week, down from 4.78% one year ago
  • 15-Year fixed rate mortgage averaged 3.12%, up from 3.13% last week, down from 3.97% one year ago

Freddie Mac's April 2012 U.S. Economic And Housing Market Outlook -- released April 25th -- shows recent employment and housing data may be more noise than a break in momentum due to the unseasonably warm winter.  Frank Nothaft, Freddie Mac's vice president and chief economist: "Relatively small sample sizes during winter months and unusually mild or severe weather add 'noise' to seasonally adjusted, annual rate estimates for housing starts and permits. Since 1959, one-family starts have moved 9 percent on average between successive winter months but only 4 percent month-to-month during the summer."

Mortgage calculators to compare payments and equity:

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

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