Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) yesterday, showing average fixed mortgage rates reach new highs for the year. Mortgage rates rose followed bond yields higher with the expectant release of the Fed’s comments around taper timing of its bond purchase program.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages rose to 4.58 percent from 4.40 percent last week. Last year at this time the 30-year FRM averaged 3.66 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage rose to 3.60 percent from 3.44 percent last week. Last year at this time, the 15-year FRM averaged 2.89 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved down to 3.21 percent from 3.23 percent last week. A year ago, the 5-year ARM averaged 2.80 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM held steady at 2.67 percent. Last year at this time, the 1-year ARM averaged 2.66 percent.
Low mortgage rates continue to assist with the housing market recovery. Contact a licensed mortgage loan professional to take advantage of low mortgage rates. 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:
Fixed mortgage rates continued to follow bond yields higher leading up to the August 21st release of the Federal Reserve monetary policy committee’s minutes for July. In its July 30th and 31st meetings, the committee members were broadly comfortable with a plan to start reducing its bond purchases later this year, although a few emphasized the importance of being patient.
“Meeting participants acknowledged mortgage rate increases might restrain housing market activity, but several members expressed confidence the housing recovery would be resilient in the face of higher rates. In fact, existing home sales increased in July to the strongest pace since November 2009 and homebuilder confidence in August rose to its highest reading since November 2005. Both increases occurred after mortgage rates had risen from their spring-time lows.”
Each Thursday, Freddie Mac releases the results of their Primary Mortgage Market Survey (PMMS). The results are based on a survey of lenders each week on the rates and points for their most popular mortgage products. The survey is collected from Monday through Wednesday and the average results are posted on Thursday. For up to the minute mortgage rate information, please contact a mortgage loan professional. For more information about the Primary Mortgage Market Survey, visit the Freddie Mac website.
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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