Mortgage Rates Change Little
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) today, showing average fixed mortgage rates changing little following July’s unemployment report that came in below market consensus. Since spiking more than a full percentage point in early May, the average 30-year fixed-rate mortgage has seesawed week-to-week, while remaining below its recent high of 4.51 percent in mid-July.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages rose slightly to 4.40 from 4.39 percent last week. Last year at this time the 30-year FRM averaged 3.59 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage remained at 3.43 percent. Last year at this time, the 15-year FRM averaged 2.84 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved up slightly to 3.19 percent from 3.18 percent last week. A year ago, the 5-year ARM averaged 2.77 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM went down slightly to 2.62 percent from 2.64 percent last week. Last year at this time, the 1-year ARM averaged 2.65 percent.
Low mortgage rates continue to assist with the housing market recovery. Contact a licensed mortgage loan professional to take advantage of low mortgage rates. Find a loan officer near you.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates were relatively unchanged following a mixed employment report for July. Even though the unemployment rate fell to 7.4 percent in July, which was the lowest since December 2008, the economy added only 161,000 jobs, short of the market consensus forecast. In addition, revisions subtracted 26,000 workers in the prior two months. Finally, hourly wages fell 0.1 percent in July, representing the first decline since October 2012.”
Each Thursday, Freddie Mac releases the results of their Primary Mortgage Market Survey (PMMS). The results are based on a survey of lenders each week on the rates and points for their most popular mortgage products. The survey is collected from Monday through Wednesday and the average results are posted on Thursday. For up to the minute mortgage rate information, please contact a mortgage loan professional. For more information about the Primary Mortgage Market Survey, visit the Freddie Mac website.
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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