Record breaking lows for Fixed Rate Mortgages

This article just came out in the RREIN Daily e-news magazine and I thought it was very helpful information. If you want to read more about this go to: www.FreddieMac.com

Another Week of Record-Breaking Lows for Fixed-Rate Mortgages

RISMEDIA, Friday, July 13, 2012— Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates continuing to find new all-time record lows amid easing bond yields following June's lackluster employment report. Both the average 30-year and 15-year fixed-rate mortgage hit new lows. The average 30-year fixed has been below 4 percent for 16 weeks. The average 15-year fixed has been below 3 percent for 7 weeks.

Results showed that the 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.7 point for the week ending July 12, 2012, down from last week when it averaged 3.62 percent. Last year at this time, the 30-year FRM averaged 4.51 percent.

Additionally, the 15-year FRM this week averaged 2.86 percent with an average 0.7 point, down from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.65 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week, with an average 0.6 point, down from last week when it averaged 2.79 percent. A year ago, the 5-year ARM averaged 3.29 percent.

The 1-year Treasury-indexed ARM averaged 2.69 percent this week with an average 0.4 point, up from last week when it averaged 2.68 percent. At this time last year, the 1-year ARM averaged 2.95 percent.
"Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Only 80,000 net new jobs were added to the economy last month, not enough to lower the unemployment rate from 8.2 percent. This was the concern of the Federal Reserve's monetary policy meeting held June 19-20. Minutes released from that meeting on July 11, revealed that a few members felt further monetary stimulus was needed to promote satisfactory growth in employment to meet the Committee's goal.”"

Happy 4th of July!

Happy 4th of July! We live in a great country, where we have the opportunity to celebrate our freedom. DC also has one of the best firework shows in the country. Arlington has great parks that you will be able to view the show without the drive or hassle of going into DC. Enjoy and be safe.

Long Bridge Park will have activities for the whole family:

Complimentary shuttles that operate from 11:00 a.m. -10:30 p.m. from Pentagon City and Crystal City stations, parking will be free on garage level at the Crystal City Shops. You can visit www.arlingtonva.us/DPR for details or call (703) 228-3329.