Mortgage Rates Little Changed
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving just slightly lower following three consecutive weeks of increases.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.84 percent, down slightly from last week when it averaged 3.85 percent. A year ago at this time, the 30-year FRM averaged 4.14 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.05 percent, down from last week when it averaged 3.07 percent. A year ago at this time, the 15-year FRM averaged 3.25 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.88 percent, down slightly from last week when it averaged 2.89 percent. A year ago, the 5-year ARM averaged 2.96 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.51 percent, up from last week when it averaged 2.48. At this time last year, the 1-year ARM averaged 2.43 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 Len Kiefer, deputy chief economist, Freddie Mac:
“Mortgage rates were little changed this week amid positive housing news. Housing starts [PDF] surged 20.2 percent to a seasonally adjusted pace of 1.14 million units in April, the highest level since 2007. As homebuying season moves into full swing, home builders remain positive about home sales in the near future. Although the NAHB housing market index slipped 2 points to 54 in May it is still above 50, indicating that on balance builders remain optimistic about housing markets.”
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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