Mortgage Rates Drop

Mortgage Rates Near Record Lows
 

Mortgage Rates Drop

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) today, showing average 30-year fixed mortgage rates drop  for the third consecutive week amid declining consumer confidence and the onset of the federal government shutdown. The average 30-year fixed rate mortgage is at its lowest level since the week ending June 20, 2013.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages dropped to 4.22 percent from 4.32 percent last week. A year ago at this time, the 30-year FRM averaged 3.36 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage fell to 3.29 percent from 3.37 percent last week. A year ago at this time, the 15-year FRM averaged 2.69 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved down to 3.03 percent from 3.07 percent last week.A year ago, the 5-year ARM averaged 2.72 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM held steady at to 2.63 percent. At this time last year, the 1-year ARM averaged 2.57 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:

“With the onset of the federal government shutdown and declining consumer confidence, fixed mortgage rates fell for the third consecutive week. Consumer sentiment fell for the second month in a row in September to its lowest reading since April, according to the University of Michigan. Moreover, a recent Bloomberg survey of professional forecasters suggests that a partial federal shutdown lasting one week would shave 0.1 percentage points off of GDP growth in the fourth quarter and even more if the shutdown lasts longer.”

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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