Mortgage rates flat on weekly basis
Mortgage rates held steady week-over-week, with some loan types showing a slight decline while others remained even, Freddie Mac said in its most recent weekly mortgage report.
According to Freddie Mac’s Primary Mortgage Market Survey for the week ending September 13, 2012, fixed mortgage rates remain near all-time record lows after seeing little movement week-over-week.
“Despite a lackluster August employment report, Treasury bond yields and mortgage rates were little changed this week with the financial markets speculating on further monetary stimulus from the Federal Reserve,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement.
Average rates for 30-year fixed mortgages stayed even at 3.55 percent in the latest data, while rates for 15-year fixed mortgages dipped slightly – to 2.85 percent from 2.86 percent the previous week.
One year ago at this time, 30-year fixed mortgages averaged 4.09 percent and 15-year fixed mortgages averaged 3.30 percent.
Rates have been low all of 2012
According to Freddie Mac, 30-year fixed mortgage rates have now been below 4.00 percent for all but one week in 2012 and 15-year fixed mortgage rates have now been under 3.00 percent since the last week in May.
Adjustable-rate mortgages (ARMs) saw similar results for the week ending September 13.
Average rates for 5-year ARMs dropped to 2.72 percent from 2.75 percent the previous week, while 1-year ARMs stayed even at 2.61 percent.
One year ago at this time, 5-year ARMs averaged 2.99 percent and 1-year ARMs averaged 2.81 percent.