Fixed Mortgage Rates Move Lower
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following Treasury yields lower, which continues to benefit the housing market.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.79 percent, down from last week when it averaged 3.82 percent. A year ago at this time, the 30-year FRM averaged 3.92 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 2.98 percent, down from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.08 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.89 percent, up slightly from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 2.91 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.62 percent, up from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.41 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:
“Following Federal Reserve Governor Daniel Tarullo’s remarks last week Treasury yields dipped. In response, 30-year mortgage rates fell 3 basis points this week to 3.79 percent. The housing market continues to benefit from low mortgage rates, with housing starts for September beating expectations and the NAHB’s Housing Market index registering a ten year high in October.”
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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