30-Year Fixed-Rate Mortgage Remains Below Four Percent
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely unchanged from the previous week amid little movement in financial markets. The 30-year fixed rate mortgage has averaged below four percent for the fifth consecutive week.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.93 percent, down slightly from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.15 percent, down from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.94 percent, up slightly from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.95 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.62 percent, unchanged from last week. 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:
“There was little movement in financial markets this week as the 30-year fixed mortgage rate remained steady, dropping only 1 basis point to 3.93 percent. Overall inflation [PDF] grew an underwhelming 0.2 percent year-over-year in July, but core inflation remains steady at 1.8 percent keeping chances alive for a potential rate hike in September. Housing markets have responded positively to low mortgage rates — the 30-year fixed mortgage rate has been below four percent for five consecutive weeks. The latest NAHB/Wells Fargo Housing Market Index for August 2015 was 61, the highest level in more than nine years. One-unit housing starts [PDF] in July 2015 jumped to 782,000 units, up 12.8 percent from June and up 19 percent from last year. Overall housing markets remain on track for the best year since 2007.”
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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