Mortgage Rates Hit New Lows Again

By
Real Estate Agent with Century 21 Northland
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Mortgage rates once again inched lower this week, lowering the cost of borrowing and increasing housing affordability.

"Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.

Here’s a closer look at rates for the week ending Feb. 2:

  • 30-year fixed-rate mortgages: averaged a new record low of 3.87 percent, with an average 0.8 point, dropping from last week’s 3.98 percent average. A year ago at this time, 30-year rates averaged 4.81 percent.
  • 15-year fixed-rate mortgages: also reached new lows this week, averaging 3.14 percent, with an average 0.8 point. Last week, 15-year rates averaged 3.24 percent and a year ago at this time 15-year rates averaged 4.08 percent.
  • 5-year adjustable-rate mortgages: averaged 2.80 percent, with an average 0.7 point, dropping from last week’s 2.85 percent average. Last year at this time, 5-year ARMs averaged 3.69 percent.
  • 1-year ARMs: averaged 2.76 percent this week, with an average 0.6 point, inching up slightly from last week’s 2.74 percent average. A year ago, 1-year ARMs saveraged 3.26 percent.

Source: Freddie Mac

Posted by

Jon Becker - Century 21 Northland

ABR, Green, SFR, Quality Service Award (2009-2013)

jon@c21jb.com

231-342-5401

www.c21jb.com for all Traverse City area real estate listings & information

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Rainmaker
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Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Next weeks number will likely show a bit of "Up"...

This morning's employment report was much stronger than expected, and good news is bad news for rates... But I will take good news every day! 

buyers, dont wait, we are flirting with record low rates, the WILL bounce back up~

Feb 03, 2012 03:11 PM #1
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Rainmaker
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Jon Becker

Traverse City Real Estate Consultant
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