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Freddie Mac: Fixed Mortgage Rates Continue Finding New Record Lows
July 5 - Freddie Mac (OTC: FMCC) has released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates continuing to find new all-time record lows amid recent data showing less consumer spending and a contraction in the manufacturing industry. The average 30-year fixed-rate mortgage has matched or hit a new record low in 10 of the last 11 weeks. The 1-year ARM also averaged a new record low this week.
The 30-year fixed-rate mortgage averaged 3.62 percent with an average 0.8 point for the week ending July 5, 2012, down from last week when it averaged 3.66 percent. Last year at this time, the 30-year FRM averaged 4.60 percent.
The 15-year FRM this week averaged 2.89 percent with an average 0.7 point, down from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.75 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79 percent this week, with an average 0.6 point, the same as last week. A year ago, the 5-year ARM averaged 3.30 percent.
The 1-year Treasury-indexed ARM averaged 2.68 percent this week with an average 0.5 point, down from last week when it averaged 2.74 percent. At this time last year, the 1-year ARM averaged 3.01 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
"Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows. Growth in personal expenditures was revised downward to an annualized rate of 2.5 percent in the final GDP estimates for the first quarter of the year," said Frank Nothaft, vice president and chief economist, Freddie Mac. "In addition, monthly consumer spending in April was revised from a 0.3 percent gain to 0.1 percent and was unchanged in May. Finally, the Institute for Supply Management reported that manufacturing shrank in June, the first decline since July 2009."