Freddie Mac, Mortgage News, Mortgage Rates

30 Year Fixed Rate Hits 3.53 Percent, But For How Long

July 24, 2012 by · Leave a Comment 

Interest Rates On House by visualdestination | iStockphoto.comAnother week, another new low for mortgage rates. 

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the 30-year fixed rate mortgage rate fell 3 basis points to 3.53% last week nationwide. The 3.53% mortgage rate is available to mortgage applicants who are willing to pay 0.7 discount points, on average, plus a full set of closing costs.

One year ago, the 30-year fixed rate mortgage rate was 4.52%. Today, it’s nearly one percent lower. For every $100,000 borrowed at today’s rates as compared to July 2011, a mortgage applicant will save $57 per $100,000 borrowed, or $684 per year.

Click here to see today’s mortgage rates.

Freddie Mac Mortgage Rates

Over 30 years of a loan, those savings add up.

30-year fixed rate mortgage rates have now dropped through 5 consecutive weeks, and in 11 of the last 12 weeks, a streak dating back to late-April. Depending where you live, however, you may not get access to 3.53% mortgage rates. As Freddie Mac’s survey reveals, mortgage rates vary by region.

Click here to see today’s mortgage rates.

Last week, mortgage rates by region were listed as follows:

  • Northeast Region: 3.56% with 0.7 discount points 
  • West Region: 3.49% with 0.7 discount points
  • Southeast Region: 3.58% with 0.7 discount points
  • North Central Region: 3.52% with 0.7 discount points
  • Southwest Region: 3.56% with 0.7 discount points

Homeowners and home buyers in California, Oregon and Washington received the lowest rates in the country, on average. Owners and buyers in Florida and Georgia, by contrast, received the highest rates.

Click here to see today’s mortgage rates.

This week, though, mortgage rates are lower everywhere.

With Spain at risk for a sovereign default and China warning of slow growth, mortgage rates began the week by falling yet again. If you’re eligible to refinance, therefore, the timing may be right to lock a mortgage rate. Similarly, if you’re an active home buyer in Schererville Indiana, today’s low rates will bolster your maximum purchasing power.

Talk to your loan officer about capitalizing on the lowest rates of all-time. Rates throughout Illinois may not rise beginning next week, but when they do rise, they’ll likely rise quickly.

Click here to see today’s mortgage rates.

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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