According to a press release by Freddie Mac average fixed mortgage rates fell to new all-time record lows for the second consecutive week. See yesterday’s press release here: Mortgage Rates Hit All-time Record Lows For Second Consecutive Week
From the release…
- 30-year fixed-rate mortgage (FRM) averaged 3.36 percent with an average 0.6 point for the week ending October 4, 2012, down from last week when it averaged 3.40 percent. Last year at this time, the 30-year FRM averaged 3.94 percent.
- 15-year FRM this week averaged 2.69 percent with an average 0.5 point, down from last week when it averaged 2.73 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.72 percent this week with an average 0.6 point, up from last week when it averaged 2.71 percent. A year ago, the 5-year ARM averaged 2.96 percent.
- 1-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.4 point, down from last week when it averaged 2.60 percent. last week. At this time last year, the 1-year ARM averaged 2.95 percent.
HOW LOW CAN YOU GO….. ?
How long will Big Ben continue QE INFINITY?!?!?!?!!
30 year fixed 1.6%?
Honestly, how long do you see QE3 lasting?
Cranking up the printing presses is the last trick left in the Bernake’s Bag. Expect it to continue until we have a President with enough sense to not re-offer him another term at the Fed.