30-year Mortgage Rates Rise
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) yesterday, showing average fixed mortgage rates moving back up near their highs for the year amid recent data pointing to signs of a stronger economic recovery, as well as positive news coming from the housing and manufacturing sectors.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages rose to 4.57 percent from 4.51 percent last week. Last year at this time the 30-year FRM averaged 3.55 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage rose to 3.59 percent from 3.54 percent last week. Last year at this time, the 15-year FRM averaged 2.86 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved up to 3.28 percent from 3.24 percent last week. A year ago, the 5-year ARM averaged 2.75 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM went up to 2.71 percent from 2.64 percent last week. Last year at this time, the 1-year ARM averaged 2.61 percent.
Historically 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:
“Mortgage rates edged up this week on signs of a stronger economic recovery. Real GDP was revised upwards to 2.5 percent growth in the second quarter of this year. In addition, residential construction spending rose for a ninth consecutive month in July. Lastly, the manufacturing industry expanded by the fastest pace in August since June 2011.”
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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