Crampton Inspection Service

Real Estate Services

  • Home
  • About
    • About Us
    • Privacy Policy
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Pricing 101
  • Blog
  • Visit Our Website
  • Contact

30-Year Fixed Rate Mortgage Rates Fall To 3.78% Nationwide

May 25, 2012 by Crampton Inspection Service Leave a Comment

Freddie Mac mortgage rates

For the fifth consecutive week, conforming 30-year fixed rate mortgage rates have dropped to new all-time lows.

According to this week’s Primary Mortgage Market Survey from Freddie Mac, “prime” mortgage applicants willing to pay 0.8 discount points plus closing costs can secure a mortgage rate of 3.78%, on average.

This is a small improvement in rate over last week when the average 30-year fixed rate mortgage rate was 3.79% with 0.7 discount points.

1 discount point is equal to 1 percent of your loan size.

Like everything in real estate, though, mortgage rates are local. Freddie Mac reports that the mortgage rates available to consumers varied by region.

  • Northeast Region : 3.78% with 0.7 discount points 
  • West Region : 3.74% with 0.9 discount points
  • Southeast Region : 3.79% with 0.7 discount points
  • North Central Region : 3.83% with 0.6 discount points
  • Southwest Region : 3.81% with 0.7 discount points

North Central Region residents currently pay the lowest fees and get the highest rates. For residents of the West, it’s the opposite. Everywhere, however,mortgage rates are down. As compared to one year ago, today’s monthly carrying cost for a conforming, 30-year fixed rate mortgage is lower by $50 per $100,000 mortgaged, or $600 per year.

A $300,000 mortgage would save $1,800 annually.

Mortgage rates have been dropping because Wall Street remains concerned for the futures of Greece, Spain, Italy and the European Union. Several European nations are at-risk for a sovereign debt default and Greece remains a threat to leave the EU. To protect against potential loss, investors have been moving money away from risky holdings toward safer ones — a class that includes U.S. mortgage-backed bonds.

As demand for the bonds rise, prices do, too. This leads mortgage rates lower and so long as economic uncertainty remains, mortgage rates are expected to stay low.

Low mortgage rates make this a good time to buy or refinance a home. Talk to your loan officer to review your mortgage options.

Filed Under: Mortgage Rates Tagged With: Freddie Mac, Home Affordability, PMMS

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Logo

Contact Us


Crampton Inspection Service

P.O. Box 6043
Moraga, CA 94570
Phone: 925-376-7707
Email: john@your-home-inspector.com
CALL (925) 376-7707

How can we help?

  • This field is for validation purposes and should be left unchanged.

Connect with Us



max-width: 80px;

Recent Articles

  • The Cost Of Building A House
  • Curious About Homeowners’ Association (HOA) Fees? Here’s What You Need to Know
  • Should You Sell Or Rent Your Primary Residence
  • What’s Ahead For Mortgage Rates This Week – January 23, 2023
  • House Poor: What It Means And How To Avoid It
Certified with California Real Estate Inspection Association (CREIA) and American Society of Home Inspectors (ASHI)

Looking For Something?

Our Location

P.O. Box 6043
Moraga, CA 94570

Copyright © 2023 · Powered by MySMARTblog