Fixed Mortgage Rates Change Little

Mortgage Rates Near Record Lows
 

Fixed Mortgage Rates Little Changed

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) today, showing average 30-year fixed mortgage rates changing little for the week amid the federal debt impasse in Washington, D.C. and a light week of economic data releases.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages rose slightly to 4.23 percent from 4.22 percent last week. A year ago at this time, the 30-year FRM averaged 3.39 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage rose to 3.31 percent from 3.29 percent last week. A year ago at this time, the 15-year FRM averaged 2.70 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved up to 3.05 percent from 3.03 percent last week. A year ago, the 5-year ARM averaged 2.73 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM rose to 2.64 percent from 2.63 last week. At this time last year, the 1-year ARM averaged 2.59 percent.

These low mortgage rates continue 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 the federal debt impasse in Washington, D.C. and a light week of economic data releases. Of the few releases, the private sector added an estimated 166,000 jobs in September, which were fewer than the market consensus and followed a downward revision of 17,000 workers in August, according to the ADP Research Institute. The Institute for Supply Management reported a greater slowing in growth in the nonmanufacturing industry in September than the market consensus forecast.”

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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Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in while interest rates are historically low.

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