Mortgage Rates Dip Again To New Record Lows

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. 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. Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac. "Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery. Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008. In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index. And existing home sales increased 2.1 percent in October to an annualized pace of 4.79 million, exceeding the market consensus forecast."

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