Mortgage Rates Decline for Third Consecutive Week

Mortgage Rates Still Declining
 

Mortgage Rates Decline for Third Consecutive Week

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates falling for the third consecutive week as bond yields continued to drop despite a strong employment report. Averaging 3.66 percent, the 30-year fixed rate mortgage is at its lowest level since the week ending May 23, 2013 when it averaged 3.59 percent. This also marks the first time the 15-year fixed rate mortgage has fallen below 3 percent since the week ending May 30, 2013.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.66 percent, down from last week when it averaged 3.73 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 2.98 percent, down from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 3.45 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.90 percent, down from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.10 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.37 percent, down from last week when it averaged 2.39 percent. At this time last year, the 1-year ARM averaged 2.56 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 Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates fell for the third consecutive week as oil prices plummeted and long term treasury yields continued to drop despite a strong employment report. The economy exceeded expectations by adding 252,000 jobs in December which followed an upward revision of 50,000 jobs to the prior two months. The unemployment rate fell to 5.6 percent which was the lowest since June 2008.”

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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About Inlanta Mortgage

Last year, Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.