30-Year Fixed Rate Mortgage Hits Low for the Year
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving down further. At 4.21 percent, the 30-year fixed-rate mortgage is at its lowest since the week of November 7, 2013.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.21 percent, down from 4.29 percent last week. A year ago at this time, the 30-year FRM averaged 3.42 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.32 percent, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 2.61 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 3.05 percent unchanged from last week. A year ago, the 5-year ARM averaged 2.58 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.43 down slightly from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.53 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 continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter. Meanwhile, the economy added 288,000 jobs in April, the largest since January 2012, and followed an upward revision of 36,000 jobs for the prior two months. Also, the unemployment rate fell to 6.3 percent.”
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.
Want to Lock & Shop?
Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.
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