In Freddie Mac's results of its Primary Mortgage Market Survey® (PMMS®), the average fixed mortgage rates at or near their all-time lows. The 30-year fixed matched the average all-time record low of 3.94 percent, and a new all-time record low was set for the 15-year fixed, both previously set in the October 6, 2011 Freddie Mac PMMS. The 5-year ARM also set a new all-time record low at 2.86 percent for the week.
30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.8 point for the week ending December 15, 2011, down from last week when it averaged 3.99 percent. Last year at this time, the 30-year FRM averaged 4.83 percent.
15-year FRM this week averaged 3.21 percent with an average 0.8 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 4.17 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week, with an average 0.6 point, down from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 3.77 percent.
1-year Treasury-indexed ARM averaged 2.81 percent this week with an average 0.6 point, up from last week when it averaged 2.80 percent. At this time last year, the 1-year ARM averaged 3.35 percent.
Quotes attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Mortgage rates were at or near all-time record lows this week amid a rough environment for housing. In its December 13th monetary policy announcement, the Federal Reserve reiterated the housing market remains depressed. Over the first nine months of 2012, households lost almost $400 billion in property values which contributed to a $1.4 trillion reduction in overall net worth. In addition, serious delinquency rates (90 or more days delinquent plus foreclosures) on mortgages increased slightly between June 30 and September 30 of the year, breaking a six-quarter consecutive decline, according to the Mortgage Bankers Association."
Published: December 16, 2011
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