Interest Rates Plummet

30-YEAR FIXED RATE MORTGAGES   According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages matched the all-time record low of 3.49 percent for the week ending September 20, 2012. Last year at this time the 30-year FRM averaged 4.09 percent.

15-YEAR FIXED RATE MORTGAGES   Average 15-year fixed rate mortgages dropped significantly to 2.77 percent from last week when the average was 2.85 percent.  Last year at this time, the 15-year FRM averaged 3.29 percent.

5-YEAR ADJUSTABLE RATE MORTGAGES   The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 2.76 percent – up from last week when it averaged 2.72 percent.  A year ago, the 5-year ARM averaged 3.02 percent.

1-YEAR ADJUSTABLE RATE MORTGAGES   The average one-year Treasury-indexed ARM held steady at 2.61 percent. Last year at this time, the 1-year ARM averaged 2.82 percent.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Following the Federal Reserve’s announcement of a new bond purchase plan, yields on mortgage-backed securities fell bringing average fixed mortgage rates to their all-time record lows which should aid in the ongoing housing recovery. New construction on one-family homes rebounded in August, rising by 5.5 percent to the fastest pace since April 2010. In addition, existing home sales increased by 7.8 percent in August to its strongest pace since May 2010.”   Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply.

Contact your lender for detailed information.   Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products,  as well as a full suite of jumbo and portfolio programs. The company is  fully delegated HUD-FHA including FHA 203K, VA, and USDA approved.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

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About Best Florida Mortgage Company! Jim Marcinkowski

Mission Statement Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships. NMLS 182565, NMLS 1016
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