Friday Facts November 2, 2012

FRIDAY FACTS

November 2, 2012

WHY NOW IS THE TIME TO BUY:

The following are the national averages in mortgage rates for the week ending Oct. 18, 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, down 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.

 

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