Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

Full Bio →

Written by

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

Full Bio →

Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Nov 21, 2012

Advertiser Disclosure

Advertiser Disclosure: We strive to help you make confident loan decisions. Comparison shopping should be easy. We are not affiliated with any one loan provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about loans. Our goal is to be an objective, third-party resource for everything loan related. We update our site regularly, and all content is reviewed by experts.

Fixed home loan interest rates set a new record low for the second consecutive week according to Freddie Mac survey results released today.

The 30-year fixed-rate mortgage (FRM) averaged 3.31 percent with an average 0.7 point for the week ending on Nov. 21, 2012, down from last week’s record average of 3.34 percent. At this time last year, the fixed home loan interest rates averaged 3.98 percent.

The 15-year fixed-rate mortgage averaged 2.63 percent with an average 0.7 point. The rate is down from last week’s average of 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent with an average of 0.6 point this week, the same as last week. At this time last year, the 5-year ARM averaged 2.91 percent.

The 1-year Treasury-indexed ARM averaged 2.56 percent with an average 0.5 point, an increase from last week when it averaged 2.55 percent. A year ago, the 1-year adjustable-rate mortgage averaged 2.79 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, said the low home loan interest rates will continue to support the ongoing housing recovery.

“Already, new construction on homes was up to 3.6 percent in October to the strongest pace since July 2008,” Nothaft said. “In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index.”

Additionally, home sales increased 2.1 percent in October to an annualized pace of 4.79 million.

Nothaft said the rates exceeded the market consensus forecast.

Freddie Mac, a provider of stability and liquidity for the United States’ residential mortgage markets, conducts surveys each week to assess four types of home loan interest rates. Freddie Mac’s Primary Mortgage Market Survey (PMMS) does not include closing costs, which are still required for borrowers.