Mortgage Rates Drop – Time to Lock?
Fixed Mortgage Rates Drop to Four Month Low
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) today, showing average fixed mortgage rates hitting their lowest levels since this summer amid market speculation that the Federal Reserve will not alter its bond buying purchases this year.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages fell to 4.13 percent from 4.28 percent last week. A year ago at this time, the 30-year FRM averaged 3.41 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage fell to 3.24 percent from 3.33 percent last week. A year ago at this time, the 15-year FRM averaged 2.72 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved down to 3.00 percent from 3.07 percent last week. A year ago, the 5-year ARM averaged 2.75 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM dipped to 2.60 percent from 2.63 last week. At this time last year, the 1-year ARM averaged 2.59 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:
“Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year. The weak employment report for September added to this expectation. The economy added just 148,000 jobs, which was below the market consensus forecast and less than the 193,000 jobs increase in August.”
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 with mortgage rates near to four month lows.
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