Mortgage Rates Little Changed Heading Into Holiday Weekend
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates unchanged or easing slightly lower. Fixed mortgage rates remain lower this week than at the same time last year.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.12 percent, down from 4.14 percent last week. A year ago at this time, the 30-year FRM averaged 4.29 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.22 percent, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.39 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.98 percent also unchanged from last week. A year ago, the 5-year ARM averaged 3.10 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.38 percent down slightly from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.66 percent.
Mortgage rates are slowly on the rise. 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 Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates were little changed from the previous week and remain below levels seen the same time last year, which should provide some help with homebuyer affordability in many markets. Recent housing data was better with pending home sales up 6.1 percent in May and overall construction spending [PDF] showing a slight improvement with private residential spending now up 7.5 percent on yearly basis.”
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 an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.
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