Mortgage rates dip slightly
Mortgage rates stayed relatively even week-over-week, showing small declines for most types of mortgages, Freddie Mac said in its weekly mortgage report.
According to Freddie Mac’s Primary Mortgage Market Survey for the week ending September 6, 2012, mortgage rates either dipped slightly or remained unchanged on a weekly basis, depending on the mortgage type.
“Mortgage rates were little changed over the holiday week amid mixed economic data releases,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. “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.”
Average rates for 30-year fixed-rate mortgages dropped to 3.55 percent, down from the previous week’s 3.59 percent average. Meanwhile, shorter-term 15-year fixed mortgages averaged the same as the previous week – 2.86 percent
One year ago at this time, 30-year fixed mortgages averaged 4.12 percent, while 15-year fixed mortgages averaged 3.33 percent.
ARM rates decrease
Interest rates for adjustable-rate mortgages (ARMs) dropped week-over-week, Freddie Mac said.
Average rates for 5-year ARMs fell to 2.75 percent, a drop from the previous week’s 2.78 percent average, while 1-year ARMs averaged 2.61 percent after averaging 2.63 percent the previous week.
One year ago at this time, 5-year ARMs averaged 2.96 percent, while 1-year ARMs averaged 2.84 percent.
With these rate drops, mortgage rates now sit near all-time record lows yet again.