Freddie Mac released the results of its Primary Market Survey and the average 30-year and 15-year fixed rate mortgage has new all-time record lows. Freddie Mac’s chief economist believes these record low rates have accounted for the increased demand in housing.
According to the Freddie Mac survey, the average rates are as follows:
30-year fixed rate: averaged 3.53% with an average 0.7 point for the week, ending July 19, 2012, which is down from last week.
15-year fixed rate: averaged 2.83% with an average 0.6 point, down from last week.
5-year ARM: averaged 2.69% this week with an average 0.4 point, which has no change from last week.
If you’re interested in refinancing or purchasing a home, now is the perfect time to take advantage of the record-low rates. On Q Financial’s streamlined process will make your mortgage transaction quick, easy and hassle-free. Contact an On Q Financial Mortgage Consultant today to start the refinance or purchase process today.