Freddie Mac, Mortgage, Mortgage News, Mortgage Rates

30-Year Fixed Rate Mortgage Drops To New All-Time Low

September 21, 2012 by · Leave a Comment 

For the first time in 9 weeks, mortgage rates have made new lows.

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage rate fell 6 basis points to 3.49% this week, tying the all-time low set in late-July. The 15-year fixed rate mortgage also dropped, moving to 2.77%. This, too, marks an all-time low.

The Federal Reserve’s plan to pressure mortgage rates down may be working.

Click here to see today’s mortgage rates.

Freddie Mac mortgage rates

Click here to see today’s mortgage rates.

However, depending on where you live, your access to these all-time rates may be limited. This is because the Freddie Mac “published rate” is a national average based on the government-backed group’s survey of more 125 banks.

Mortgage rates can vary by region. For example, this week, mortgage applicants in the West Region are most likely to get the lowest rates of anyone.

In the West Region, 30-year fixed rate mortgage rates are averaging 3.43 percent with an accompanying 0.6 discount points. By contrast, applicants in the Southeast Region are most likely to get the highest rates with the 30-year fixed rate mortgage is averaging 3.53% with an accompanying 0.7 discount points.

Click here to see today’s mortgage rates.

1 discount point is a fee equal to one percent of your loan size. Loans with more accompanying discount points pay higher total closing costs.

This week’s record-low rates are a boon to home affordability and, as compared to last September, mortgage rates are much improved :

  • September 2011: Average rate of 4.09%
  • September 2012: Average rate of 3.49% 

Click here to see today’s mortgage rates.

Over the past 12 months, this 60-basis point mortgage rate improvement has increased the maximum purchase price of a Valparaiso home buyer by roughly 7%. Home prices, however, may soon catch up.

Earlier this week, the Census Bureau reported Housing Starts at a multi-year high and the Existing Home Sales report from the National Association of REALTORS® showed the same. Housing is in recovery and prices are on an upward trajectory.

Take advantage of low mortgage rates while they last. If you live in Northwest Indiana or suburbs of Chicago Illinois, pick up the phone and call me today at 219-662-0166 x21.

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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