Fixed Mortgage Rates Jump
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates jumped following better than expected reports on private job growth and new home sales.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages rose to 4.46 percent from 4.29 percent last week. A year ago at this time, the 30-year FRM averaged 3.34 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage rose to 3.47 percent from 3.30 percent last week. A year ago at this time, the 15-year FRM averaged 2.67 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) is up to 2.99 percent from 2.94 percent last week. A year ago, the 5-year ARM averaged 2.69 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is down to 2.59 from 2.60 last week. At this time last year, the 1-year ARM averaged 2.55 percent.
While mortgage rates may be rising, they are still historically low and 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:
Fixed mortgage rates increased this week following stronger than expected economic data releases. Private companies added 215,000 new jobs in November according to the ADP employment report, well above the consensus. In addition, revisions added 54,000 jobs in the prior month. Lastly, new home sales rose 25 percent in the month of October to a seasonally adjusted 444,000 annual pace, though this followed a weaker than expected September report and downward revisions over the summer months.”
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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