Mortgage rates hover near record lows

September 10th, 2012

Mortgage rates remain at unprecedented lows, making homeownership more affordable.

The Primary Mortgage Market Survey released by Freddie Mac reveals that mortgage rates for 15- and 30-year terms have remained largely consistent and continue to hover near record lows.

According to the analysis, 30-year fixed-rate mortgage rates fell to an average of 3.55 percent, down from 3.59 percent last week. The rate averaged 4.12 percent during the same period in 2011. Rates for 15-year fixed-rate mortgages held steady at 2.86 percent, down from 3.33 percent one year ago.

"Mortgage rates were little changed over the holiday week amid mixed economic data releases," said Freddie Mac chief economist and vice president Frank Nothaft. "Although consumer spending rose 0.4 percent in July, representing the largest gain in five months, the core price index was unchanged suggesting little threat of inflation."

Steady low rates may ease the financial burden of transferees who are shopping for a new home. As rates may fluctuate in the future, working with a mortgage consultant in the beginning stages of a transfer may help employees find a suitable property and get locked into a low rate while they remain near record lows.