Fixed-Rate Mortgages Continue to Set Record Lows, Hit the 3.36 Percent Mark – NMP Skip to main content

Fixed-Rate Mortgages Continue to Set Record Lows, Hit the 3.36 Percent Mark

NationalMortgageProfessional.com
Oct 04, 2012

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates falling to new all-time record lows for the second consecutive week on mortgage securities purchases by the Federal Reserve and indicators of a weakening economy. The 30-year fixed-rate mortgage (FRM) averaged 3.36 percent with an average 0.6 point for the week ending Oct. 4, 2012, down from last week when it averaged 3.40 percent. Last year at this time, the 30-year FRM averaged 3.94 percent.  The Federal Reserve's purchase of long-term fixed mortgage securities allowed the 15-year fixed-rate mortgage at 2.69 percent to fall below the five-year adjustable rate mortgage's (ARM's) rate at 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent. The last time the average 15-year fixed was lower than the five-year ARM was the week ending Oct. 15, 2009. "Fixed mortgage rates fell again this week to all-time record lows due to the mortgage securities purchases by the Federal Reserve and indicators of a weakening economy," said Frank Nothaft, vice president and chief economist, Freddie Mac. "The final estimate of growth in Gross Domestic Product was revised down to 1.3 percent in the second quarter, representing the slowest growth in a year. In addition, personal incomes rose only 0.1 percent in August, while July's increase was revised downward. And finally, pending home sales in August fell 2.6 percent, well below the market consensus forecast of a slight increase." The one-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.4 point, down from last week when it averaged 2.60 percent. last week. At this time last year, the one-year ARM averaged 2.95 percent. 
Published
Oct 04, 2012
OpenClose Launches Mobile Assist

OpenClose, a fintech provider of mortgage software solutions for banks, credit unions, and mortgage lenders launched its native mobile app platform, Mobile Assist.

Tech
Dec 07, 2021
Deephaven Heightens Foreign National DSCR Program

Deephaven is amping up its Foreign National DSCR Program as a response to the increase in the real estate investment market.

Non-QM
Dec 07, 2021
Revolution Mortgage Opens Second Mortgage Branch In Cincinnati

Columbus, OH-based Revolution Mortgage announced the opening of its second branch in Cincinnati and 14th branch in Ohio.

Industry News
Dec 06, 2021
Nations Lending Teams Up With NBA Legend Dennis Rodman On Integrated Brand Campaign

Nations Lending, a full-service national mortgage lender, announced the launch of its first integrated brand campaign starring NBA Champion and All-Star Dennis Rodman.

Sales and Marketing
Dec 06, 2021
Black Couple 'Erased Themselves' From Home, Receives Higher Appraisal

Paul Austin and his wife, Tenisha Tate-Austin are looking to take legal action after receiving a higher appraisal on their home only after “white-washing” their home by removing any trace of themselves.

Industry News
Dec 06, 2021
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021