Mortgage Rates Dip Again To New Record Lows

According to Freddie Mac's released results of its Primary Mortgage Market Survey^®(PMMS®), it showed  fixed mortgage rates finding new record lows for the second consecutive week keeping borrowing costs attractive to support the ongoing housing recovery.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.31 percent with an average 0.7 point for the week ending November 21, 2012, down from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.98 percent. 
• 15-year FRM this week averaged 2.63 percent with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.  
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, the same as last week. A year ago, the 5-year ARM averaged 2.91 percent.
• 1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, up from last week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.79 percent.  

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.