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2012-02-03 15:10:19
Mortgage Rates Hit New Lows Again

Daily Real Estate News | Friday, February 03, 2012

Mortgage rates once again inched lower this week, lowering the cost of borrowing and increasing housing affordability.

'Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.

Here’s a closer look at rates for the week ending Feb. 2:

30-year fixed-rate mortgages: averaged a new record low of 3.87 percent, with an average 0.8 point, dropping from last week’s 3.98 percent average. A year ago at this time, 30-year rates averaged 4.81 percent.

15-year fixed-rate mortgages: also reached new lows this week, averaging 3.14 percent, with an average 0.8 point. Last week, 15-year rates averaged 3.24 percent and a year ago at this time 15-year rates averaged 4.08 percent.

5-year adjustable-rate mortgages: averaged 2.80 percent, with an average 0.7 point, dropping from last week’s 2.85 percent average. Last year at this time, 5-year ARMs averaged 3.69 percent.

1-year ARMs: averaged 2.76 percent this week, with an average 0.6 point, inching up slightly from last week’s 2.74 percent average. A year ago, 1-year ARMs saveraged 3.26 percent.

Source: Freddie Mac

Provided by,

Doug Spiers / Principal Broker 

Elite Choice Real Estate

1436 South Legend Hills Drive Suite 311
Clearfield, Utah 84015

Direct (801) 726-7173

Email: DougSpiers@aol.com 

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