Lowest Interest Rate in 65 Years

According to Freddie Mac’s Primary Mortgage Market Survey, HousingWire reports interest rates will finish out the year at near record lows. For the week ending Dec. 27, the average 30-year fixed-rate mortgage (FRM) hit 3.35 percent, down from 3.37 percent the previous week, and well below 3.95 percent from a year ago. Frank Nothaft, Freddie Mac chief economist and V.P., says, “The 30-year fixed-rate mortgage averaged 3.66% for 2012, the lowest annual average in at least 65 years. Unchanged from last week was the 15-year FRM at 2.65 percent, but well below 3.24 percent a year ago. As MHProNews has learned, with the 30-year FRM nearly .06 points below the Jan 1, 2012 rate, a borrower could save almost $98,600 over the life of a $200,000 mortgage.

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