Mortgage Rates Ease Slightly, Remain Near Record Lows
Minneapolis, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates easing slightly and remaining near record lows to keep homebuyer affordability high and attractive to those looking to refinance.
- 30-year fixed-rate mortgages (FRM) averaged 3.32 percent with an average 0.7 point for the week ending December 13, 2012, down from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.94 percent.
- 15-year fixed rate mortgages this week averaged 2.66 percent with an average 0.6 point, down from last week when it averaged 2.67 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
- 5-year adjustable rate mortgages (ARM) averaged 2.70 percent this week with an average 0.6 point, up from last week when it averaged 2.69 percent. A year ago, the 5-year ARM averaged 2.86 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Mortgage rates held relatively steady following the November employment report. Although 146,000 jobs were created, above the market consensus forecast of 85,000, revisions subtracted 49,000 workers over the September and October period. The unemployment rate fell from 7.9 to 7.7 percent. However, in its December 12 monetary policy statement, the Federal Reserve (Fed) noted that this rate remains elevated and modified the statement to tie any increases to its target rate to the unemployment rate falling below 6.5 percent. The latest Fed central-tendency forecast is for unemployment to be between 7.4 and 7.7 percent in the fourth quarter of 2013 and between 6.8 and 7.3 percent by late 2014.”
Freddie Mac’s survey is the average of loans bought from lenders * last week, including discount points. Applicants must pay all closing costs at these rates. No cost loan rates higher.
Follow this link to view today’s best MN and WI mortgage interest rates.