Freddie Mac's weekly mortgage rate survey shows that 15-year fixed rate mortgage rates and 30-year fixed-rate mortgage rates ticked higher this week, but only slightly; and remain near record-low levels.
Freddie Mac's Primary Mortgage Market Survey from November 29, 2012 showed the 30-year fixed-rate mortgage (FRM) rate climbing to 3.32 percent, on average, as compared to 3.31 percent the week before.
A 0.01 percentage point weekly change is nominal. One year ago, the 30-year FRM averaged 4.00 percent.
Borrowers should expect to pay 0.8 discount points to get access to the Freddie Mac published rate. Discount points are closing costs where 1 discount point is equal to a fee that is one percent of your loan size.
For the same week, the 15-year fixed-rate mortgage rate averaged 2.64 percent, also up 0.01 percentage point as compared to last week's 2.63 percent average rate nationwide.
One year ago, the 15-year FRM averaged 3.30 percent.
Low mortgage rates are doing more than just lowering mortgage payments of refinance homeowners. They're also influencing the housing market overall, including boosting year-to-date home sales which are up 20 percent as compared to last year's tallies.
Low mortgage rates change the economics of Renting vs Owning and with low- and n0-downpayment programs available via the FHA, VA and USDA, first-time buyers may have the most to gain.
46% of first-time buyers are using FHA mortgages, according to the National Association of REALTORS®.
Not surprisingly, therefore, the S&P/Case-Shiller national home price index, on a seasonally adjusted level, improved 5.2% from January to September of this year, with all 20 tracked cities showing positive growth.
Freddie Mac says its mortgage rates remain near all-time lows, but it's not just conventional loans for which rates are rock-bottom. Mortgage rates for refinance products including the FHA Streamline Refinance and VA Streamline Refinance are ultra-low, as are rates for jumbo loans.
Get started with a rate quote. See how today's low rates can help you.
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2015 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)