Mortgage Rates Dip
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates reversing course once again and moving lower amid mixed economic and housing data.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.04 percent, down from last week when it averaged 4.09 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.21 percent, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.97 percent, up slightly from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.99 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.54 percent, up from last week when it averaged 2.50 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:
“U.S. Treasury yields dropped following announcements that many blue chip companies’ earnings failed to meet expectations. This drove the 30-year fixed rate mortgage down 5 basis points to 4.04 percent this week. Housing continues to be the bright spot in the economic recovery. Existing home sales beat market expectations coming in at a seasonally adjusted annual rate of 5.49 million homes. This is up 9.6 percent from a year ago and the fastest pace since 2007. Also, housing starts [PDF] jumped 9.8 percent responding to strong demand in the multifamily market.”
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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