Fixed Mortgage Rates Resume Downward Trajectory
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates, after ticking-up slightly last week, reversing course and falling amid weaker than expected housing and economic data. Fixed rate mortgage rates are once again back near their May 23, 2013 lows.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.59 percent, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 2.92 percent, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.40 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.82 percent, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.12 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.39 percent, up slightly from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.55 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 Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates fell this week following the release of weaker than expected pending home sales, which fell 3.7 percent in December. Moreover, real GDP growth for the fourth quarter was 2.6 percent and the Institute for Supply Management reported slower growth in manufacturing last month, both missing market consensus forecasts.”
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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