Mortgage Rates Remain in Record Low Range of 3.40 Pecent

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing fixed mortgage rates mixed following the monthly employment report,but continuing to hover near their record lows over the past six weeks, as 30-year fixed-rate mortgages (FRM) averaged 3.40 percent with an average 0.7 point for the week ending Nov. 8, 2012, up from last week when it averaged 3.39 percent. Last year at this time, the 30-year FRM averaged 3.99 percent. Also this week, the 15-year FRM averaged 2.69 percent with an average 0.7 point, down from last week when it averaged 2.70 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent. "Mortgage rates remained near record lows following the employment report for October," said Frank Nothaft, vice president and chief economist of Freddie Mac. "The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.9 percent and that average hourly wages were unchanged." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.73 percent this week with an average 0.6 point, down from last week when it averaged 2.74 percent. A year ago, the five-year ARM averaged 2.98 percent. The one-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.4 point, up from last week when it averaged 2.58 percent. At this time last year, the one-year ARM averaged 2.95 percent.