Fixed Mortgage Rates Change Little
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates changed little from the previous week.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages fell to 4.42 percent from 4.46 percent last week. A year ago at this time, the 30-year FRM averaged 3.32 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage fell to 3.43 percent from 3.47 percent last week. A year ago at this time, the 15-year FRM averaged 2.66 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) is down to 2.94 percent from 2.99 percent last week. A year ago, the 5-year ARM averaged 2.70 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is down to 2.51 from 2.59 last week. At this time last year, the 1-year ARM averaged 2.53 percent.
While mortgage rates have changed little, the slight decline continues to assist with the housing market recovery. Contact a licensed mortgage loan professional to take advantage of low mortgage rates. 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 were little changed amid a light week of economic data releases. Of the few releases, total nonfarm payroll employment rose by 203,000 in November and the unemployment rate declined to 7.0 percent. Also, single family mortgage debt outstanding increased for the first time since 2008. This is a positive sign as it reflects that the pick-up in new purchase-money originations has offset loan paydowns and led to a net increase in principal outstanding.”
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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