Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Mortgage rates at record lows as 2011 ends
WASHINGTON (12/27/11)--Thirty-year fixed mortgages reached a new low in the week ended Dec. 22, averaging 3.91%, Freddie Mac reported last week.

The previous record low of 3.94% was set the week ended Dec. 15.

Fifteen-year fixed-rate mortgages remained steady, continuing at last week's record low average of 3.21%.

Freddie Mac Chief Economist Frank Nothaft noted that the historically low 30-year fixed mortgage rates, which have been "at or below 4% for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year,"  are helping homebuyers save $1,200 more per year on a $200,000 loan.

Adjustable-rate mortgages also reached all-time lows last week, as five-year, Treasury-indexed, hybrid adjustable-rate mortgages (ARM) averaged 2.85% and one-year Treasury-indexed ARMs averaged 2.77%.

"This greater affordability helped push existing home sales higher for the second consecutive month in November to an annualized pace of 4.42 million, the most since January," and new construction and homebuilder confidence have also been on the uptick, Nothaft added.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 Day ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
1 Day ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago