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Thursday, February 02, 2012

Mortgage Rates fall to record low

by Calculated Risk on 2/02/2012 10:21:00 PM

Probably worth a mention - especially since refinance activity will probably pick up soon (I expect HARP to increase in March) ...

From Freddie Mac: Average Mortgage Rates Ease Setting New Record Lows

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping to new all-time record lows as data on economic growth fell short of market projections. All products in the PMMS survey, except the 1-Year ARM, averaged new lows.
30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.8 point for the week ending February 2, 2012, down from last week when it averaged 3.98 percent. Last year at this time, the 30-year FRM averaged 4.81 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week, with an average 0.7 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 3.69 percent.
This is the lowest 30 year fixed rate since Freddie Mac started tracking rates in 1971. Rates were pretty low in the early 50s too - if anyone has a source for mortgage rates back then, please let me know.