30-Year Fixed Mortgage Rate Revisits Record Low at 3.49%

The 30-year fixed-rate mortgage matched its record low this week at 3.49 percent, a mark first reached in July, according to Freddie Mac.
Meanwhile, the average 15-year fixed fell to a new all-time low at 2.77 percent.
The record low rates followed the Federal Reserve’s announcement of a new, open-ended bond purchase plan, sending down yields on mortgage-backed securities.
The Fed action should continue to put downward pressure on longer-term interest rates and support the mortgage markets, creating sustained home-buying affordability for millions of Americans.
New data released this week signals a sustained housing recover. New construction on one-family homes rebounded in August, rising by 5.5 percent to the fastest pace since April 2010.
In addition, sales of existing homes increased by 7.8 percent in August to its strongest pace since May 2010.
Here’s Freddie Mac’s overview of mortgage rates:
30-year fixed-rate mortgage averaged 3.49 percent, with an average 0.6 point, for the week ending September 20, 2012, down from last week when it averaged 3.55 percent. Last year at this time, the 30-year FRM averaged 4.09 percent.
15-year fixed-rate averaged 2.77 percent, with an average 0.6 point, down from last week when it averaged 2.85 percent. A year ago at this time, the 15-year FRM averaged 3.29 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.76 percent, with an average 0.6 point, up from last week when it averaged 2.72 percent. A year ago, the 5-year ARM averaged 3.02 percent.
1-year Treasury-indexed ARM averaged 2.61 percent this week, with an average 0.4 point, the same as last week. At this time last year, the 1-year ARM averaged 2.82 percent.

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