30-years fixed mortgage rates fall to new lows

Mortgage rates have another time reached new lows, per Freddie Mac's Primary Mortgage Market Survey (PMMS) released Thursday. each 30-year fastened and 5-year adjustable rates fell amid worsening economic indicators.

Housing recovery to remain sluggish through 2012

On Tuesday, Zillow reported 30-year fastened mortgage rates averaging 3.48 percent.

The results of Freddie Mac's PMMS for the week ending June twenty one, 2012 are as follows:

 the average for a 30-year fastened rate mortgage (FRM) was 3.66 percent, down from last week's average of 3.71 percent. At this time last year, the average for a 30-year FRM was four.50 percent.
    The 15-year FRM averaged 2.95 percent on, down from last week when it averaged 2.98 percent. One year ago, the 15-year FRM averaged 3.69 percent.
    A 5-year Treasury-indexed adjustable-rate mortgage (ARM) averaged 2.77 percent on, down from last week's average of 2.80 percent. A year ago at this time, the 5-year ARM averaged 3.25 percent.
    The 1-year Treasury-indexed ARM averaged 2.47 percent on, down from last week when it averaged 2.78 percent. Last year at this time, the 1-year ARM averaged 2.99 percent.

"Treasury bond yields eased somewhat on on some worsening economic indicators bringing mortgage rates back to record low territory. Industrial production fell in 2 of the last 3 months ending in might, and below the expected market consensus forecast," Frank Nothaft, vice president and chief economist at Freddie Mac, said during a press unharness. "In addition, shopper sentiment fell in June to its lowest level this year, per the University of Michigan survey. In its June twenty financial policy announcement, the Federal Reserve additionally noted growth in a job has slowed in recent months and household spending appears to be rising at a somewhat slower pace."

"However," Nothaft noted, "there were additionally some positive indicators on the housing market. Construction on one-family homes rose for the third consecutive month in might to an annualized pace of 516,000. Furthermore, homebuilder confidence rose in June to its highest reading in over 5 years."