Home sellers are getting positive benefits from continued low mortgage lending rates.
Home sales are up, and today’s lending standards are allowing for more qualified buyers.
Mortgage rates mostly hovered near their record lows this week and fueled momentum for home buying.
The 30-year fixed-rate mortgage, the most popular mortgage option among home buyers, averaged 3.37 percent this week, just above its record low of 3.36 percent, Freddie Mac reports in its weekly mortgage market survey.
However, 15-year fixed-rate mortgages, which is popular for those who refinance, dipped to a new low this week, averaging 2.66 percent.
The following are the national averages in mortgage rates for the week ending October 18, 2012, according to Freddie Mac:
- 30-year fixed-rate mortgages: averaged 3.37 percent, with an average 0.7 point, down from last week’s 3.39 percent average. A year ago, 30-year rates averaged 4.11 percent.
- 15-year fixed-rate mortgages: averaged a new record low of 2.66 percent, with an average 0.6 point, own from last week’s 2.70 percent average. A year ago, 15-year rates averaged 3.38 percent.
- 5-year adjustable-rate mortgages: averaged 2.75 percent, with an average 0.6 point, rising from last week’s 2.73 percent average. Last year at this time, 5-year ARMs averaged 3.01 percent.
- 1-year ARMs: averaged 2.60 percent, with an average 0.4 point, rising from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.94 percent.
Source of information is National Association of REALTORs®.
Professional REALTOR® agent representation – help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.