Mortgage Rates Largely Unchanged
Mortgage Rates Largely Unchanged
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely unchanged despite ongoing global growth concerns putting downward pressure on Treasury yields.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.85 percent, down slightly from last week when it averaged 3.86 percent. A year ago at this time, the 30-year FRM averaged 4.19 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.07 percent, down slightly from last week when it averaged 3.08 percent. A year ago at this time, the 15-year FRM averaged 3.36 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.91 percent, unchanged from last week. A year ago, the 5-year ARM averaged 3.06 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.53 percent, down from last week when it averaged 2.56 percent. At this time last year, the 1-year ARM averaged 2.42 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:
“In contrast to the volatility in equity markets, the 10-year Treasury rate — a key driver of mortgage rates — varied just a little more than 10 basis points over the last week. As a result, the 30-year mortgage rate remained virtually unchanged, dropping 1 basis point to 3.85 percent. This marks the tenth consecutive week of a sub-4-percent mortgage rate. Despite persistently low mortgage rates, the pending home sales index dropped 1.4 percent in August, suggesting possible tempering in existing home sales in September.”
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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