Mortgage Rates Continue to Show Little Movement
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates showing only slightly upward movement compared to the previous week following the increase in bond yields.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.12 percent, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 4.57 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.26 percent, up from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 3.59 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.99 percent, up from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.22 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.45 percent, up from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.67 percent.
Mortgage rates are slowly on the rise. 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 were up slightly this week, following the increase in 10-year Treasury yields, despite last week’s disappointing employment report. The U.S. economy added only 142,000 jobs in August, after a 212,000 gain in July and a 267,000 increase in June. The unemployment rate fell to 6.1 percent in August from 6.2 percent the previous month.”
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 an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.
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