Fixed Mortgage Rates Avg. 3.32% (30-Yr), 2.66% (15-Yr) for Week Ending 12/13/2012, Murrieta CA.
Need a new FHA home loan, or want to refinance for a lower mortgage payment? Freddie Mac shows home loans this week averaged 3.32% for 30 year fixed rate mortgages, while 15 year fixed rate mortgages averaged 2.66%.
According to Freddie Mac, the 30-year fixed rate mortgage (FRM) averaged 3.32 percent with an average 0.7 point for the week ending December 13, 2012, down from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.94 percent.
The 15-year fixed rate mortgage this week averaged 2.66 percent with an average 0.6 point, down from last week when it averaged 2.67 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
In the West (CA, AZ, NV, OR, WA, UT, ID, MT, HI, AK, GU), Freddie Mac noted that the 30-year fixed rate mortgage averaged 3.28 percent with an average 0.7 point, while the 15-year fixed rate mortgage this week averaged 2.62 percent with an average 0.7 point.
But what's the rate for consumers? According to Jim Starkus, former Mortgage Loan Officer with US Bank, “People do not realize that they cannot get the Freddie Mac rate, and that banks have to add ‘servicing’ to the Freddie Mac rate to quote to borrowers.” Jim explained, “If you add about 0.25% to the Freddie Mac or Fannie Mae rate, it will give you the street rate,” which is the rate consumers pay.
Source: Freddie Mac, December 13, 2012, available from "Mortgage Rates Ease Slightly, Remain Near Record Lows"; Internet; Accessed December 15, 2012.
The information provided is deemed reliable, but is not guaranteed.
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