Mortgage Rates Continue Trend of Record-Breaking Lows
January 12, 2012
Mortgage rates eased to new all-time record lows for all products helping to keep homebuyer affordability high.
According to the latest Freddie Mac Primary Mortgage Market Survey, the average for the 30-year fixed mortgage rate has been below 4 percent for six consecutive weeks, averaging 3.89 percent with an average 0.7 point for the week ending Jan. 12. This is down from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.71 percent.
Meanwhile, the 15-year FRM this week averaged 3.16 percent with an average 0.8 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 4.08 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.7 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.72 percent.
The 1-year Treasury-indexed ARM averaged 2.76 percent this week with an average 0.6 point, down from last week when it averaged 2.80 percent. At this time last year, the 1-year ARM averaged 3.23 percent.