Fixed Mortgage Rates Climbing
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) today, showing average fixed mortgage rates moving higher for the second consecutive week on stronger than expected data releases including the employment report for October. The 30-year fixed-rate mortgage is at its highest level since September 19, 2013, when it averaged 4.50 percent.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages jumped to 4.35 percent from 4.16 percent last week. A year ago at this time, the 30-year FRM averaged 3.34 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage fell to 3.20 percent from 3.24 percent last week. A year ago at this time, the 15-year FRM averaged 2.70 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) climbed to 3.01 percent from 2.96 percent last week. A year ago, the 5-year ARM averaged 2.74 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM was unchanged from last week at 2.61 At this time last year, the 1-year ARM averaged 2.55 percent.
These 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 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:
“Fixed mortgage rates increased this week following stronger than expected economic data releases. Nonfarm payrolls increased by 204,000 in October, above the consensus forecast. In addition, revisions added 60,000 additional jobs to the prior two month releases. Preliminary estimates indicate Real GDP growth in the third quarter was 2.8 percent, also above consensus.”
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.
Want to Lock & Shop?
Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in while interest rates are historically low. This program is especially appealing to home buyers interested in locking in at mortgage rates now before they rise and further and reduce their buying power.
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