Mortgage loan rates reached new all-time lows last week and moved home buyer affordability even higher.
Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year. So home buyers are now paying over $1,200 less per year on a $200,000 loan.
Mortgage rates for week ending December 22, 2011:
- 30 year fixed rates averaged 3.91 percent, with an average 0.7 point, which beat prior week’s 3.94 percent record. A year ago at this time, 30-year fixed rates averaged 4.81 percent.
- 15 year fixed-rate mortgages averaged 3.21 percent, with an average 0.8 point, matching last week’s all-time low. Last year at this time, the 15-year mortgage averaged 4.15 percent.
- 5-year adjustable-rate mortgages averaged 2.85 percent this week, with average 0.6 point, a new record after dropping from last week’s 2.86 percent average. Last year at this time, 5-year ARMs averaged 3.75 percent.
- 1-year ARMs averaged 2.77 percent this week, with an average 0.6 point, also a new record after falling from last week’s 2.81 percent average. A year ago at this time, the 1-year ARMs averaged 3.40 percent.
Source of information is REALTOR magazine, December 23, 2011. This is not the providing of lending, tax or legal services. You should contact an experienced mortgage loan broker in your area to find out about the best purchase money loan for your situation.
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