Mortgage Rates Change Little, Remain Near Record Lows
September 6, 2012
Fixed mortgage rates declined or remained the same from the previous week amid mixed economic data, and continuing to hover around their all-time record lows, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.7 point for the week ending Sept. 6, down from last week when it averaged 3.59 percent. Last year at this time, the 30-year FRM averaged 4.12 percent.
"Mortgage rates were little changed over the holiday week amid mixed economic data releases,” according to Frank Nothaft, vice president and chief economist for Freddie Mac. “Although consumer spending rose 0.4 percent in July, representing the largest gain in five months, the core price index was unchanged suggesting little threat of inflation. Consumer confidence picked up slightly in August according to the University of Michigan, but remained below this year's peak in May. And the manufacturing industry contracted for the third consecutive month in August."
Meanwhile, the 15-year FRM this week averaged 2.86 percent with an average 0.6 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.33 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.7 point, down from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 2.96 percent.
The 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.4 point, down from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.84 percent.