Mortgage Rates Move Lower

Mortgage Rates Lower
 

Mortgage Rates Move Lower

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates declining following the Federal Reserve’s decision to defer a hike in the Federal funds rate.

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, down from last week when it averaged 3.91 percent. A year ago at this time, the 30-year FRM averaged 4.20 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.08 percent, down from last week when it averaged 3.11 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, down slightly from last week when it averaged 2.92 percent. A year ago, the 5-year ARM averaged 3.08 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 2.43 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 Sean Becketti, chief economist, Freddie Mac:

“Global growth concerns and lackluster inflation convinced the Fed to defer a hike in the Federal funds rate. In response, Treasury yields fell about 9 basis points over the week, with some larger day-to-day swings along the way. In response, the interest rate on 30-year fixed rate mortgages dropped by 5 basis points to 3.86 percent. Mortgage rates have remained below 4 percent for 9 consecutive weeks and have remained range-bound between 3.8 and 4.1 percent since May. These low mortgage rates have supported strong home sales, and 2015 is on pace to have the highest home sales total since 2007.”

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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