In Freddie Mac’s results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 4.01 percent with an average 0.7 point for the week ending September 29, 2011, down from last week when it averaged 4.09 percent. Last year at this time, the 30-year FRM averaged 4.32 percent. 15-year FRM this week averaged 3.28 percent with an average 0.7 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 15-year FRM averaged 3.75 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage ARM averaged 3.02 percent this week, with an average 0.6 point, unchanged from last week when it averaged 3.02 percent. A year ago, the 5-year ARM averaged 3.52 percent.
1-year Treasury-indexed ARM averaged 2.83 percent this week with an average 0.6 point, up from last week when it averaged 2.82 percent. At this time last year, the 1-year ARM averaged 3.48 percent.
Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve’s announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities. Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs.”Meanwhile, the spring and summer home-buying season gave a boost to a number of house price indexes. The Federal Housing Finance Agency reported that its National index not seasonally adjusted rose for the fourth consecutive month in July. Similarly, the S&P/Case-Shiller 20-City composite index, which has a broader scope of properties, rose 0.9 percent between June and July with 17 of the cities experiencing positive monthly growth. Finally, CoreLogic reported that its index, excluding distressed sales, increased at a 1.7 percent monthly rate for the same month.”
via Cornerstone Real Estate ‘s Real Estate Update.
Wow. Awesome time to buy Utah Real Estate.
