Mortgage Rates Dip To New Record Lows

Friday, November 16, 2012

30-year fixed-rate mortgage (FRM) averaged 3.34 percent with an average 0.7 point for the week ending November 15, 2012, down from last week when it averaged 3.40 percent. Last year at this time, the 30-year FRM averaged 4.00 percent.

15-year FRM this week averaged 2.65 percent with an average 0.7 point, down from last week when it averaged 2.69 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, up from last week when it averaged 2.73 percent. A year ago, the 5-year ARM averaged 2.97 percent.

1-year Treasury-indexed ARM averaged 2.55 percent this week with an average 0.3 point, down from last week when it averaged 2.59 percent. At this time last year, the 1-year ARM averaged 2.98 percent.

According to Frank Nothaft, vice president and chief economist, Freddie Mac:

"Fixed mortgage rates eased this week to record lows on indicators of higher consumer confidence and lower wholesale prices. Consumer sentiment rose in November to the highest reading since July 2007 according to the University of Michigan. Meanwhile, the core producer price index fell 0.2 percent in October."

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