photo credit: Christopher S. Penn
Frank Nothaft, Freddie Mac vice president and chief economist, explained, "Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market. Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated." Freddie Mac released the results of its Primary Mortgage Market Survey, which illustrated record lows for mortgage rates. The average rate on a 30-year fixed mortgage has been lower than 4.00 for six weeks in a row. For the week ending January 12th, the 30-year fixed mortgage rate averaged 3.89, down from the previous week when it was averaging 3.91 percent. At this time last year, it averaged 4.71 percent. Conversely, the 15-year fixed mortgage rate is averaging 3.16 percent. The week ending January 12th, it was averaging 3.23 percent. Last year at the same time, it was averaging about 4.08 percent. Five-year adjustable-rate mortgages averaged 2.82 percent last week -- down from 2.86 percent the week previous. At this time last year, it was at 3.72 percent. Likewise, the one-year adjusttable-rate mortgage was averaging 2.76 percent last week, down from 2.80 percent the week previous. Last year, it was holding steady at 3.23 percent.
