Mortgage Rates Improve From Last Week’s Spike
Mortgage Rates Improve From Last Week’s Spike
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving lower from the previous week’s new highs for 2015 while housing data was generally positive.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.00 percent, down from last week when it averaged 4.04 percent. A year ago at this time, the 30-year FRM averaged 4.17 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.23 percent, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 3.00 percent, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 3.00 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.53 percent, unchanged from last week. At this time last year, the 1-year ARM averaged 2.41 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 Len Kiefer, deputy chief economist, Freddie Mac:
“Mortgage rates were down this week while housing data were generally positive. Although housing starts [PDF] dropped 11.1 percent to a seasonally adjusted pace of 1.04 million units in May, housing permits surged 11.8 percent to its highest level since August 2007. Reinforcing this positive momentum, the NAHB housing market index rose 5 points in June, suggesting home builders are very optimistic about home sales in the near future.”
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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