30-Year Fixed-Rate Mortgage Hits Year’s Low
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates following bond yields lower. Averaging 4.10 percent for the week, the 30-year fixed-rate mortgage fell below its previous 2014 low of 4.12 percent.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.10 percent, down from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.58 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.23 percent, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 3.60 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.95 percent down from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.21 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.38 percent up from last week when it averaged 2.36 percent. At this time last year, the 1-year ARM averaged 2.67 percent.
Mortgage rates are slowly on the rise. Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates were down slightly this week, following the decline in 10-year Treasury yields. Meanwhile, housing starts in July jumped 15.7 percent to 1.093 million units after falling 4.0 percent a month earlier. Also, July’s consumer prices increased at a 0.1 percent seasonally adjusted pace, the slowest in five months.”
Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.
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