Thursday, July 19, 2012

Freddie Mac: Record Low Mortgage Rates Stir The Housing Market

Freddie Mac released it's weekly Primary Mortgage Market Survey Thursday, July 19 showing average 30-year and 15-year fixed-rate mortgages hitting new all-time record lows along with the 5-year ARM. The average 30-year fixed has been below 4% all but one week in 2012. The average 15-year fixed-rate mortgage has been below 3% for 8 consecutive weeks.

  • 30-Year fixed rate mortgage averaged 3.53% -- down from 3.56% last week and 4.52% one year ago

  • 15-Year fixed rate mortgage averaged 2.83% -- down from 2.86% last week and 3.66% 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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