Fixed mortgage rates continue to decrease
Posted on Tuesday, July 10, 2012 at 5:02:32 PM
Fixed mortgages rates continued to decrease to record lows in 2012. According to Freddie Mac’s Primary Mortgage Market Survey, the average 30-year fixed-rate mortgage has matched or hit a new low in 10 of the last 11 weeks. Rates averaged 3.62 percent for the week ending July 5, 2012 – down from the previous week's 3.66 percent. These figures are below a year-over-year comparison, which calculated an average mortgage rate of 4.60 percent.
"Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows," said Frank Nothaft, vice president and chief economist at Freddie Mac.
Despite residential financing interest rates, many consumers are failing to explore the market and take advantage of decreased home prices. Potential homeowners may want to consider checking out their local metro’s MLS listings to determine if there is an affordable property near them for sale. In the current economy, there are many property opportunities out there.