Another Week of Record-Breaking Lows for Fixed-Rate Mortgages
July 12, 2012
Fixed mortgage rates continued to find new all-time record lows amid easing bond yields following June's lackluster employment report, according to the latest Freddie Mac Primary Mortgage Market Survey.
Both the average 30-year and 15-year fixed-rate mortgage hit new lows. The average 30-year fixed has been below 4 percent for 16 weeks. The average 15-year fixed has been below 3 percent for seven weeks.
The 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.7 point for the week ending July 12, down from last week when it averaged 3.62 percent. Last year at this time, the 30-year FRM averaged 4.51 percent.
Meanwhile, 15-year FRM this week averaged 2.86 percent with an average 0.7 point, down from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.65 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week, with an average 0.6 point, down from last week when it averaged 2.79 percent. A year ago, the 5-year ARM averaged 3.29 percent.
The 1-year Treasury-indexed ARM averaged 2.69 percent this week with an average 0.4 point, up from last week when it averaged 2.68 percent. At this time last year, the 1-year ARM averaged 2.95 percent.