Freddie Mac yesterday released the results of its Primary Mortgage Market Survey, showing average mortgage rates easing amid worsening economic indicators. Both the 30-year fixed-rate mortgage (FRM) and the five-year adjustable-rate mortgage (ARM) registered new average record lows.
According to Freddie Mac:
- Thirty-year FRMs averaged 3.66 percent with an average 0.7 point for the week ending June 21, 2012, down from last week when it averaged 3.71 percent. Last year at this time, the 30-year FRM averaged 4.5 percent.
- Fifteen-year FRMs this week averaged 2.95 percent with an average 0.6 point, down from last week’s 2.98 percent average. A year ago, the 15-year FRM averaged 3.69 percent.
- Five-year Treasury-indexed hybrid ARMs averaged 2.77 percent this week, with an average 0.6 point, down from last week when it averaged 2.80. A year ago, it averaged 3.25 percent.
- One-year Treasury-indexed ARMs averaged 2.74 percent this week with an average 0.5 point, down from last week when it averaged 2.78 percent. Last year, it averaged 2.99 percent.