Thursday, July 12, 2012

Another Week Of Record-Breaking Lows For Fixed-Rate Mortgages

Freddie Mac released it's weekly Primary Mortgage Market Survey Thursday, July 12 showing average fixed mortgage rates continuing to find new all-time record lows. 

Both the average 30-year and 15-year fixed-rate mortgage hit new lows. The average 30-year fixed has been below 4.00% for 16 weeks. The average 15-year fixed has been below 3.00% for 7 weeks.

  • 30-Year fixed rate mortgage averaged 3.56%, down from 3.62% last week and 4.51% one year ago

  • 15-Year fixed rate mortgage averaged 2.86%, down from 2.89% last week and 3.65% one year ago

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.  Borrowers may still pay closing costs which are not included in the survey.

To compare and track average mortgage rates from previous weeks throughout the year consult Freddie Mac's Compilation of Weekly Survey Data for 2012.

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.

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