Angela MacKinnon

CMI Mortgage #217909

  • Home
  • About
  • Blog
  • Resources
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Glossary
    • Mortgage FAQ
  • Reviews
    • Leave a Review
    • My Reviews
  • Apply
  • Contact
You are here: Home / Mortgage Rates / Mortgage Rates Down 1 Percent In One Year

Mortgage Rates Down 1 Percent In One Year

July 24, 2012 by Angela MacKinnon

Freddie Mac Mortgage Rates

Another week, another new low for mortgage rates. 

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the 30-year fixed rate mortgage rate fell 3 basis points to 3.53% last week nationwide. The 3.53% mortgage rate is available to mortgage applicants who are willing to pay 0.7 discount points, on average, plus a full set of closing costs.

One year ago, the 30-year fixed rate mortgage rate was 4.52%. Today, it’s nearly one percent lower. For every $100,000 borrowed at today’s rates as compared to July 2011, a mortgage applicant will save $57 per $100,000 borrowed, or $684 per year.

Over 30 years of a loan, those savings add up.

30-year fixed rate mortgage rates have now dropped through 5 consecutive weeks, and in 11 of the last 12 weeks, a streak dating back to late-April. Depending where you live, however, you may not get access to 3.53% mortgage rates. As Freddie Mac’s survey reveals, mortgage rates vary by region.

Last week, mortgage rates by region were listed as follows :

  • Northeast Region : 3.56% with 0.7 discount points 
  • West Region : 3.49% with 0.7 discount points
  • Southeast Region : 3.58% with 0.7 discount points
  • North Central Region : 3.52% with 0.7 discount points
  • Southwest Region : 3.56% with 0.7 discount points

Homeowners and home buyers in California, Oregon and Washington, therefore, received the lowest rates in the country, on average. Owners and buyers in Florida and Georgia, by contrast, received the highest rates.

This week, though, mortgage rates are lower everywhere.

With Spain at risk for a sovereign default and China warning of slow growth, mortgage rates began the week by falling yet again. If you’re eligible to refinance, therefore, the timing may be right to lock a mortgage rate. Similarly, if you’re an active home buyer in Edmond , today’s low rates will bolster your maximum purchasing power.

Talk to your loan officer about capitalizing on the lowest rates of all-time. Rates throughout Oklahoma may not rise beginning next week, but when they do rise, they’ll likely rise quickly.

Filed Under: Mortgage Rates Tagged With: 30-year Fixed Rate Mortgage, Freddie Mac, Spain

Photo

Contact Angela


MORTGAGE BROKER
NMLS #210518
Office: 405-340-7044
Mobile: 405-570-7276


Apply Now →

Connect with Angela

Archives

Categories

February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan    

Links

  • Patriot Act Notice
  • Privacy Statement
  • Terms of Use

Office Location

Angela MacKinnon
CMI Mortgage #217909
2932 NW 122nd Suite 18
Oklahoma City, OK 73120
Equal Housing Lender

Copyright © 2023 · Powered by MySMARTblog