Fixed Mortgage Rates Inch Up Slightly
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates inched up slightly from the last week.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.47 percent, up from 4.42 percent last week. A year ago at this time, the 30-year FRM averaged 3.37 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.51 percent, up from 3.43 percent last week. A year ago at this time, the 15-year FRM averaged 2.65 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) is up to 2.96 percent from 2.94 percent last week. A year ago, the 5-year ARM averaged 2.71 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is up to 2.57 from 2.51 last week. At this time last year, the 1-year ARM averaged 2.52 percent.
While mortgage rates only begun inch up, mortgage rates are expected to rise in 2014. 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 rose slightly leading up to the Federal Reserve’s policy announcement. The statement indicated that the central bank would begin to trim its bond buying program. The Fed noted that the economy expanded at a modest pace, but the unemployment rate remains elevated. In addition, housing starts in November rose to a seasonally adjusted annual rate of 1,091,000, the highest rate since February 2008. Permits were at a seasonally adjusted annual rate of 1,007,000 in November, 7.9 percent higher than in November 2012.”
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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