Freddie Mac's Primary Mortgage Market Survey for the week ending Jan. 12 showed mortgage rates easing to new all-time record lows for all products covered in the survey, helping to keep home buyer affordability high.
The 30-year fixed-rate mortgage (FRM) averaged 3.89% with an average 0.7 point for the week ending Jan. 12, down from last week when it averaged 3.91%; the product's mortgage rate has been below 4% for six consecutive weeks. Last year at this time, the 30-year FRM averaged 4.71%.
The 15-year FRM this week averaged 3.16% with an average 0.8 point, down from last week, when it averaged 3.23%. A year ago at this time, the 15-year FRM averaged 4.08%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82% this week, with an average 0.7 point, down from last week, when it averaged 2.86%. A year ago, the five-year ARM averaged 3.72%.
The one-year Treasury-indexed ARM averaged 2.76% this week with an average 0.6 point, down from last week when it averaged 2.8%. At this time last year, the one-year ARM averaged 3.23%.Â Â
‘Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market,’ says Frank Nothaft, vice president and chief economist at Freddie Mac. ‘Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated. The 2009 to 2011 period had the highest three-year average unemployment rate since 1939 to 1941. Moreover, the Federal Reserve indicated in its January regional economic review that most industries saw limited permanent hiring at the end of last year.’