High Housing Affordability
Here’s a closer look at mortgage rates for the week ending Dec. 8.
30-year fixed-rate mortgages: averaged 3.99 percent, with an average 0.7 point, down from last week’s 4 percent average. A year ago, 30-year rates averaged 4.61 percent.
15-year fixed-rate mortgages: averaged 3.27 percent, with an average 0.8 point, just slightly above the all-time low of 3.26 percent it reached on Oct. 6. Last year at this time, 15-year rates averaged 3.96 percent.
5-year adjustable-rate mortgages: averaged 2.93 percent this week, with an average 0.5 point, ticking up slightly from last week’s 2.90 percent average. Last year at this time, the 5-year ARM averaged 3.60 percent.
1-year ARMs: averaged 2.80 percent this week, with an average 0.6 point, edging up slightly from 2.78 percent last week. A year ago, 1-year ARMs averaged 3.27 percent.
Source: Freddie Mac
Housing is being kept affordable through this holiday season as the mortgage rates continue to dip down into record lows. 12.6% of a median family’s income is spent on monthly principal and mortgage interest payments. The National Housing Affordability Index reached its 6th all time high according to the National Association of REALTORS.
Comments(0)