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Fixed-Rate Mortgage Averages Continue to Break Previous Record Lows
|Despite predictions for increased mortgage rates by 2013, fixed mortgage rates have reached a new record low for the 14th time in the last 16 weeks.
Wednesday, August 22nd, 2012
Despite predictions for increased mortgage rates by 2013, fixed mortgage rates have reached a new record low for the 14th time in the last 16 weeks.
Freddie Mac's Primary Mortgage Market Survey for the week ending July 26 reveals that the average rate for 30-year fixed rate mortgages fell to its lowest rate ever of 3.49 percent. This is down from the previous week when it averaged 3.53 percent, and is significantly lower than a year ago when it averaged 4.55 percent.
Additionally, the average rate for 15-year FRMs also dropped from last week's 2.83 percent to a new record-low of 2.8 percent. This time last year, the average was 3.66 percent.
Data shows the average rate for 5-year adjustable rate mortgages was 2.74 percent, up from the week before when it averaged 2.69 percent but still much lower than a year ago when it averaged 3.25 percent.
Other economic factors continue to influence mortgage rates, while a lower inventory of delinquent homes has allowed home prices to increase. The National Association of Realtors reports higher home prices are responsible for a drop in existing-home sales in June.
National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.