Mortgage Rates Dip To New Record Lows
MCLEAN, Va., Nov. 15, 2012 Freddie Mac released the results of its latest survey, showing fixed mortgage rates dipping to new all-time record lows amid indicators of higher consumer confidence and lower wholesale prices. The previous record low for the 30-year fixed was set the week of October 4, when it averaged 3.36 percent, and the 15-year fixed was set the week of October 18, when it averaged 2.66 percent.
30-year fixed-rate mortgage (FRM) averaged 3.34 percent with an average 0.7 point for the week ending November 15, 2012, down from last week when it averaged 3.40 percent. Last year at this time, the 30-year FRM averaged 4.00 percent.
15-year FRM this week averaged 2.65 percent with an average 0.7 point, down from last week when it averaged 2.69 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, up from last week when it averaged 2.73 percent. A year ago, the 5-year ARM averaged 2.97 percent.
1-year Treasury-indexed ARM averaged 2.55 percent this week with an average 0.3 point, down from last week when it averaged 2.59 percent. At this time last year, the 1-year ARM averaged 2.98 percent.
The average single family home mortgage rate is down from 4% a year ago to 3.41% (compared to 3.34% in Freddie Mac survey) this week says Bankrate (see chart).
October Home Sales In S2S Region
California’s central region saw an increase in median prices from year ago in October and sales volume was mixed according to DQ News.
In San Luis Obispo County sales of resale homes were up 23% year over year and the median price increased 5.6%. Santa Barbara County showed an even more remarkable turnaround with sales up 17.6% and the median up 42%. SLO County showed a recovery in the condo market with sales up 34.5% and a 50% jump in median prices to $300,000 from $200,000 in October 2011.
In the Valley, Fresno saw a sales increase of 12.5% and median was up 3.9%. In Tulare County sales were down 4.9% and the median was up 14.4% to $133,000.