Mortgage Rates Move Higher on Strong Jobs Report
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving higher amid a strong jobs report and bringing mortgage rates back to where they were at the start of 2015. The 30-year fixed rate mortgage has averaged below 4 percent since the week ending November 13, 2014.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.86 percent, up from last week when it averaged 3.75 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.10 percent, up from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 3.01 percent, down from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.09 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.46 percent, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.48 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:
“The average 30-year fixed-rate mortgage rose to 3.86 percent for this week following a strong labor market report, essentially bring rates back to where they were at the start of the year. The U.S. economy created 295,000 jobs in February while the unemployment rate dipped to 5.5 percent from 5.7 percent in January, both outperforming market expectations.”
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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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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