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Mortgage Rates Continue Downward Trend, Reaching New Record Lows
|Despite predictions of higher mortgage rates, a new report shows rates for fixed-rate mortgages have reached record-breaking lows.
Wednesday July 25th, 2012
Despite predictions of higher mortgage rates, a new report shows rates for fixed-rate mortgages have reached record-breaking lows.
Freddie Mac's Primary Mortgage Market Survey for the week ending July 12 reveals average fixed mortgage rates have reached a new all-time low as other economic factors, such as unemployment, have prevented them from rising.
According to the survey, the average rate for 30-year fixed-rate mortgages dropped to 3.56 percent from 3.62 percent last week. This time last year the average rate was 4.51 percent, making now the most affordable time ever to get a 30-year mortgage.
Additionally, the average rate for 15-year FRMs decreased to 2.86 percent, down from the week before when the average was 2.89 percent. It remains considerably lower than a year ago, when the 15-year FRM rate averaged 3.65 percent.
The average rate for 5-year adjustable-rate mortgages also fell from a week ago, reaching 2.74 percent from 2.79 percent. This time last year the average was 3.29 percent. "Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low," said Frank Nothaft, vice president and chief economist of Freddie Mac.
As economic factors continue to improve, housing market factors including mortgage rates and home prices are expected to continue to increase. Prospective homebuyers are urged to begin their home search while affordability remains high.
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.