In Freddie Mac's results of its Primary Mortgage Market Survey®, the average mortgage rates dropped to new all-time record lows. All products in the PMMS survey, except the 1-Year ARM, averaged new lows.
30-year fixed-rate mortgage (FRM) averaged 3.87 percent for the week ending February 2, 2012, down from last week when it averaged 3.98 percent. Last year at this time, the 30-year FRM averaged 4.81 percent.
According to Frank Nothaft, Freddie Mac's vice president and chief economist:
"Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections. The Gross Domestic Product rose 2.8 percent in the final three months of 2011, below the market consensus forecast of 3.0 percent, while consumer spending in December was flat. One bright spot, however, was that fixed residential investment increased for the third consecutive quarter and residential construction spending rebounded in December, rising 0.7 percent."
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