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Mortgage Rates Stable Near Record-Low Levels, Home Sales Dormant
|Despite dropping to new record lows for two weeks in a row, the latest Primary Mortgage Market Survey from Freddie Mac shows mortgage rates continue to linger near those reached the previous week. With rates continuing to provide prospective buyers of properties high affordability.
Monday, December 17th, 2012
Despite dropping to new record lows for two weeks in a row, the latest Primary Mortgage Market Survey from Freddie Mac shows mortgage rates continue to linger near those reached the previous week. With rates continuing to provide prospective buyers of properties high affordability. Those on the fence about making the investment may benefit from starting their home search soon, to lock in a good rate and complete a transaction before the new year.
According to the GSE's survey for the week ending November 29, the average rate for 30-year fixed-rate mortgages fell to 3.32 percent, up slightly from the previous week when it reached a new low level of 3.31 percent. When reviewing Freddie Mac's reports throughout 2012, there was only one week the average rate for 30-year FRMs was above 4 percent, the same level from this same time a year ago.
For many first-time buyers, fixed-rate mortgage options are more budget-friendly, and the average rate for 15-year FRMs is also still near its record low of 2.63 percent coming in at 2.64 percent this week. When compared to this time last year, the average is significantly lower than 3.3 percent.
Current homeowners looking to refinance their current mortgage have also been taking advantage of lower rates, though many continue to choose fixed-rate options when compared to adjustable-rate mortgages. Data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey shows ARMs only accounted for 4 percent of total volume for the week ending November 23.
Freddie Mac reports the average rate for 5-year ARMs was 2.72 percent, down from the week prior's average of 2.74 percent. Despite the small decline in the average, rates have been nearing levels seen this time last year, when the average was 2.9 percent.
With the slow-to-recover economy posting gains throughout this year, housing market factors, including mortgage rates and home prices, are predicted to increase throughout 2013. "Mortgage rates were virtually unchanged this week amid growing concerns around the fiscal cliff," said Frank Nothaft, vice president and chief economist of Freddie Mac. "Although low mortgage rates failed to boost new home sales in October, year-to-date sales are up 20 percent compared with 2011 volumes, and there are growing signs of a turnaround in house prices."
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.