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30-Year Fixed-Rate Mortgage Finishes Year Near Historic Low

MCLEAN, Va., Dec. 27, 2012 -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average fixed mortgage rates finishing the year near record lows, helping to keep homebuyer affordability high. The 30-year fixed eased slightly this week to average 3.35 percent, while the 15-year fixed remained unchanged at 2.65 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.35 percent with an average 0.7 point for the week ending December 27, 2012, down from last week when it averaged 3.37 percent. Last year at this time, the 30-year FRM averaged 3.95 percent. 
  • 15-year FRM this week averaged 2.65 percent with an average 0.7 point, unchanged from last week when it averaged 2.65 percent.A year ago at this time, the 15-year FRM averaged 3.24 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent this week with an average 0.7 point, down from last week when it averaged 2.71 percent. A year ago, the 5-year ARM averaged 2.88 percent.
  • 1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, up from last week when it averaged 2.52. At this time last year, the 1-year ARM averaged 2.78 percent.  

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Mortgage rates ended this year near record lows. The 30-year fixed-rate mortgage averaged 3.66 percent for 2012, the lowest annual average in at least 65 years. Rates on 30-year fixed mortgages were nearly 0.6 percentage points below that of the beginning of the year, which translates into an interest payment savings of nearly $98,600 over the life of a $200,000 loan. Moreover, opting for a 15-year fixed mortgage at today's rates, a homeowner could save an additional $138,400 in interest payments."

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter: @FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.

SOURCE Freddie Mac

For further information: MEDIA, Ruth Fisher, +1-703-903-3974, Ruth_Fisher@FreddieMac.com

 

The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac's future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company's future results are discussed more fully in our reports filed with the SEC.


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