Well looks like we did it again, new record low interest rates. Now it’s not for 30 year fixed mortgages, but ARMS can be pretty excellent home loans if you’re not planning on living in the same place forever. Here is an excerpt from Inman News:
Adjustable-rate mortgage loans hit new lows this week and fixed-rate mortgages remained near historic lows for a fifth consecutive week, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans falling by a seasonally adjusted 0.8 percent from the week before.
The MBA’s Weekly Mortgage Applications Survey for the week ending Nov. 25 — which also included an adjustment to account for the Thanksgiving holiday — showed demand for purchase loans was down 18.2 percent from the same week a year ago.Freddie Mac’s survey showed rates on 30-year fixed-rate mortgage FRM averaging 4 percent with an average 0.7 point for the week ending Dec. 1, up from 3.98 percent last week but down from 4.46 percent a year ago.Article continues belowAdvertise with InmanRates on 30-year fixed-rate loans hit a 2011 high of 5.05 percent in February, before falling to an all-time low in records dating to 1971 of 3.94 percent during the week ending Oct. 6.For 15-year fixed-rate loans, rates averaged 3.3 percent with an average 0.8 point, unchanged from last week and well below the 3.81 percent average at the same time a year ago. Rates on 15-year reached a 2011 high of 4.29 percent in February, before falling to an all-time low in records dating to 1991 of 3.26 percent in October.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage ARM loans averaged 2.9 percent this week with an average 0.6 point, a new all-time low in records dating to 2005. At this time a year ago, five-year ARM loans averaged 3.49 percent, before climbing to a 2011 high of 3.92 percent in February.
