Fixed Mortgage Rates Relatively Flat
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates relatively unchanged from last week.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.41 percent, up slightly from 4.40 percent last week. A year ago at this time, the 30-year FRM averaged 3.54 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.47 percent, up from last week when it averaged 3.42 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) is averaged at 3.12 percent up from 3.10 percent last week. A year ago, the 5-year ARM averaged 2.65 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.45 up slightly from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.63 percent.
Mortgage rates are slowly on the rise. 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 were little changed amid a week of light economic reports. Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013. The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February according to the ADP Research Institute. Also, the Institute for Supply Management reported the manufacturing industry rebounded from a soft February but was still below market consensus.”
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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Last year Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.
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Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was named a Top Mortgage Lender in 2012 by Scotsman Guide, Top Workplace in 2012, has been listed on Mortgage Technology’s Top 25 Tech Savvy Lenders list in 2010, 2011, 2012, and 2013. Inlanta has also been named to Mortgage Executive Magazine’s “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and most recently 50 Best Companies to Work For.