30-Year Mortgage Rate Ties Record Low

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WASHINGTON, Dec. 15 (UPI) — The average fixed mortgage rates are at or near all-time lows, Freddie Mac said Wednesday.

The 30-year fixed rate of 3.94 percent matched a record low set Oct. 6, and the 15-year fixed rate of 3.21 percent set a record low, the Federal Home Loan Mortgage Corp.’s Primary Mortgage Market Survey for the week ending Thursday indicated.

A 5-year adjustable rate mortgage had 2.86 percent rate for the week, setting a record, Freddie Mac said.

“Mortgage rates were at or near all-time record lows this week amid a rough environment for housing,” said Frank Nothaft, Freddie Mac vice president and chief economist.

Nothaft noted that the Federal Reserve reiterated Monday that the U.S. housing market remained depressed.

“Over the first nine months of 2012, households lost almost $400 billion in property values which contributed to a $1.4 trillion reduction in overall net worth,” Nothaft said.

In addition, delinquency rates — 90 or more days delinquent plus foreclosures — on mortgages rose slightly between June 30 and Sept. 30, he said, breaking a six consecutive quarters of decline.

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