Mortgage Rates Remain Below Four Percent for Twelve Weeks Straight
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates nudging higher throughout the beginning of the week. However, Fed comments suggesting it may not raise short-term interest rates yesterday, coupled with weaker than expected consumer demand, pushed Treasury yields lower suggesting interest rates may remain lower than reported a while longer.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.82 percent, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.03 percent, up from last week when it averaged 2.99 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.88 percent, unchanged from last week. A year ago, the 5-year ARM averaged 2.92 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.54 percent, down slightly from last week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.38 percent.
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 Sean Becketti, chief economist, Freddie Mac:
“As the shock of the weak September employment report wore off, Treasury rates drifted higher. In response, the 30-year mortgage rate climbed 6 basis points to 3.82 percent, marking 12 consecutive weeks below 4 percent. Late-breaking news suggests mortgage rates may remain in this territory a while longer. After this week’s survey closed, Federal Reserve Governor Daniel Tarullo was quoted suggesting the Fed may not act this year, and Wednesday the 10-year Treasury closed under 2 percent in reaction to economic releases indicating weak consumer demand.”
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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