Fixed Mortgage Rates Remain Below Four Percent
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down for the third week in a row as uncertainty about the economy pushed Treasury yields lower earlier in the week.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.91 percent, down from last week when it averaged 3.98 percent. A year ago at this time, the 30-year FRM averaged 4.14 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.13 percent, down from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.95 percent, unchanged from last week. A year ago, the 5-year ARM averaged 3.27 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.54 percent, up from last week when it averaged 2.52 percent. At this time last year, the 1-year ARM averaged 2.98 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:
“All eyes are on the upcoming July employment report, as the Fed has made it clear developments in the labor market will affect the timing of any potential rate hike. But early signals indicate Friday’s employment report will not look so good. The employment cost index [PDF] rose 0.2 percent in the second quarter, the lowest quarterly increase in its 33-year history and ADP’s Private Employment Report [PDF] missed expectations for private jobs in July. Uncertainty about the economy helped drive down Treasury yields early in the week, and thus mortgage rates fell 7 basis points to 3.91 percent, the lowest level since June 4th.”
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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