Mortgage Rates Remain Low Heading Into Holiday Weekend
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates largely unchanged amid mixed news on the housing front heading into the Labor Day weekend.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.10 percent, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.51 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.25 percent, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.97 percent, up from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 3.24 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.39 percent, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.64 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 following mixed housing news. Existing home sales rose for the fourth consecutive month to an annualized pace of 5.15 million, the highest of the year. On the other hand, new home sales fell for the third consecutive month to an annualized rate of 412,000 units. Also, the S&P/Case-Shiller national home price index confirmed the slowing in national house-price appreciation that has occurred in other metrics, with the seasonally-adjusted national index down 0.1 percent in June but on a year-over-year basis up a solid 6.2 percent.”
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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