Record-Setting Low Fixed Mortgage Rates Persist
|June 7, 2012|
Fixed mortgage rates fell to new all-time record lows for the sixth consecutive week amid weak economic and job data helping to keep homebuyer affordability high.
According to the latest Freddie Mac Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.67 percent with an average 0.7 point for the week ending June 7, down from last week when it averaged 3.75 percent. Last year at this time, the 30-year FRM averaged 4.49 percent.
Meanwhile, the 15-year FRM this week averaged 2.94 percent with an average 0.7 point, down from last week when it averaged 2.97 percent. A year ago at this time, the 15-year FRM averaged 3.68 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week, with an average 0.7 point, the same as last week. A year ago, the 5-year ARM averaged 3.28 percent.
The 1-year Treasury-indexed ARM averaged 2.79 percent this week with an average 0.4 point, up from last week when it averaged 2.75 percent. At this time last year, the 1-year ARM averaged 2.95 percent.