Global Uncertainty Pushes U.S. Mortgage Rates Lower
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing an investor flight to safety for U.S. Treasuries is pushing average fixed mortgage rates lower and helping to keep buyer activity strong towards the close of the spring homebuying season.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.04 percent, down from last week when it averaged 4.08 percent. A year ago at this time, the 30-year FRM averaged 4.15 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.20 percent, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.93 percent, down from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 2.99 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.50 percent, down from last week when it averaged 2.52 percent. At this time last year, the 1-year ARM averaged 2.40 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:
“Yields on Treasury securities declined this week in response to investor concerns about events in Greece and China. Mortgage rates fell as well, although not by as much as government bond yields. The rate on 30-year fixed-rate mortgages fell 4 basis points to 4.04 percent.”
“Overseas volatility is likely to persist for some time, providing some restraint on potential U.S. rate increases. In addition, the minutes [PDF] of the June meeting of the Federal Open Market Committee suggest the Federal Reserve will proceed cautiously — monitoring events both overseas and in the U.S. to ascertain the appropriate moment to begin raising short-term interest rates. As a result, mortgage rates may remain in the neighborhood of 4 percent for a while.”
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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