Mortgage Rates Little Changed

Mortgage Rates are Little Changed
 

Mortgage Rates Little Changed

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates largely unchanged heading into the holiday weekend.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.96 percent, down slightly from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.83 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.22 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.10 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 3.06 percent, up from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 3.01 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.68 percent, up from last week when it averaged 2.67 percent. At this time last year, the 1-year ARM averaged 2.39 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:

“Treasury yields dropped slightly as the holidays approach. Mortgage rates remain largely unchanged, with the 30-year mortgage rate ticking down a basis point to 3.96 percent. As we mentioned last week, long-term interest rates will not spike in response to the Federal funds rate increase. While we expect the 30-year mortgage rate to be above 4 percent in early 2016, we anticipate rates will gradually increase, averaging 4.4 percent for the year.”

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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