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Economic News

Freddie Mac: mortgage interest rates slightly lower this week

As parts of the housing sector begin to recover, and mortgage rates remain low, some economists are hopeful, but signs of health do not yet imply the sector is operating at full steam. The road to recovery is long.

Freddie Mac says fixed mortgage rates still falling

According to the Freddie Mac Primary Mortgage Market Survey® (PMMS®) released today, Freddie Mac reports that fixed mortgage rates are moving slightly lower while continuing to remain near their all-time lows this week amid signs of a growing economy and low inflation.

Dr. Frank Nothaft, Vice President and Chief Economist of Freddie Mac said, “Mortgage rates remained relatively unchanged this week on signs of a growing economy and low inflation. The economy grew 2.0 percent in the third quarter with residential fixed investment contributing 0.3 percentage points to growth. The core price index of personal consumer expenditures grew 1.7 percent between September 2011 and 2012 and was within the Federal Reserve’s preferred target range.”

Current average rates

freddie mac survey

The 30-year fixed-rate mortgage (FRM) averaged 3.39 percent with an average 0.7 point for the week ending November 1, 2012, down from last week when it averaged 3.41 percent, and down from 4.0 percent at this time last year.

The 15-year FRM this week averaged 2.70 percent with an average 0.7 point, down from last week when it averaged 2.72 percent, and down from 3.31 percent at this time last year.

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The 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 2.75 percent, and down from 2.96 percent at this time last year.

1-year Treasury-indexed ARM averaged 2.58 percent this week with an average 0.4 point, down from last week when it averaged 2.59 percent last week. At this time last year, the 1-year ARM averaged 2.88 percent.

Regional performance varied

freddie mac survey

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

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