Fixed Mortgage Rates Little Changed, Nudge Lower
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling slightly lower amid market expectations of no rate increase by the Federal Reserve.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.76 percent, down from last week when it averaged 3.79 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 2.98 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.13 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.89 percent, also unchanged from last week. A year ago, the 5-year ARM averaged 2.94 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.54 percent, down from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.43 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:
“Treasury yields oscillated without a clear direction heading into the October FOMC meeting, as investors were confident there would be no rate increase. The 30-year mortgage rate was little changed, declining just 3 basis points to 3.76 percent this week. While the FOMC left rates unchanged at this meeting, they kept a December rate hike as an option causing Treasuries to sell off in the latter part of the day, after our survey closed.”
“Recent housing reports have done little to add or detract from the possibility of a December rate increase. Existing home sales were strong, contrasting with disappointing new [PDF] home sales.”
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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