Mortgage Rates Near Record Lows

    New Single Family Construction Permits Continue to Rise in St. Tammany Parish as Mortgage Rates Near Record Lows

    More new construction permits for single family residents had been issued in St. Tammany by then end of the third quarter (September 30, 2012) of this year than in the entire years of 2009 or 2010, resulting in a 33% increase year to year. 

    “These numbers quantify our economic growth. The facts support the hard work of economic development and our belief that the economy of St. Tammany Parish continues to grow,” said Parish President Pat Brister.  

     

    “I believe that our economic outlook will continue to see steady growth,” continued Brister.  “Several large businesses will likely open in the next eighteen months, bringing hundreds of new jobs to our citizens.”

     

    News Facts

    • 30-year fixed-rate mortgage (FRM) averaged 3.37 percent with an average 0.7 point for the week ending October 18, 2012, down from last week when it averaged 3.39 percent. Last year at this time, the 30-year FRM averaged 4.11 percent. 
    • 15-year FRM this week averaged 2.66 percent with an average 0.6 point, down from last week when it averaged 2.70 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent. 
    • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.6 point, up from last week when it averaged 2.73 percent. A year ago, the 5-year ARM averaged 3.01 percent.
    • 1-year Treasury-indexed ARM averaged 2.60 percent this week with an average 0.4 point, up from last week when it averaged 2.59 percent. last week. At this time last year, the 1-year ARM averaged 2.94 percent.  
     
     

    Sources: Freddie Mac & St. Tammany Parish Government