Mortgage Rates Continue to Hover Near Lows

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Fixed-rate mortgages mostly held steady this week near their all-time lows, keeping the purchasing power of home buyers high.
Thirty-year fixed-rate mortgages, the most popular choice among home shoppers, has been below 4 percent every week this year except for one, Freddie Mac reports in its weekly mortgage market survey. Fifteen-year fixed-rate mortgages, which tend to be more popular among refinancers, has remained below 3 percent since the last week in May.

Freddie Mac reports the following average mortgage rates for the week ending Sept. 13:
• 30-year fixed-rate mortgages: averaged 3.55 percent, with an average 0.6 point, holding the same as last week. A year ago, 30-year rates averaged 4.09 percent.
• 15-year fixed-rate mortgages: averaged 2.85 percent, with an average 0.6 point, down slightly from last week’s 2.86 percent average. A year ago, 15-year rates averaged 3.30 percent.
• 5-year adjustable-rate mortgages: averaged 2.72 percent, with an average 0.6 point, dropping from last week’s 2.75 percent average. Last year at this time, 5-year ARMs averaged 2.99 percent.
• 1-year ARMs: averaged 2.61 percent, with an average 0.4 point, holding the same as last week’s average. A year ago, 1-year ARMs averaged 2.81 percent.
Source: Freddie Mac

Reprinted from REALTOR® Magazine Online, September 2012, with permission of the NATIONAL ASSOCIATION OF REALTORS®.  Copyright 2012. All rights reserved.