Mortgage Rates Wander Upwards
Fixed Mortgage Rates Move Upwards
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) today, showing average fixed mortgage rates edging higher leading up to the federal budget deadline this week.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages rose to 4.28 percent from 4.23 percent last week. A year ago at this time, the 30-year FRM averaged 3.37 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage rose to 3.33 percent from 3.31 percent last week. A year ago at this time, the 15-year FRM averaged 2.66 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved up to 3.07 percent from 3.05 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 dipped to 2.63 percent from 2.64 last week. At this time last year, the 1-year ARM averaged 2.60 percent.
These 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 edged up leading to the federal budget deadline this week. Recent confidence measures depict some of the effects of the government shutdown and uncertainty of the budget impasse. For instance, consumer sentiment in October fell for the second straight month to the lowest reading since January, according to the University of Michigan. Similarly, October’s homebuilder confidence fell to a four-month low. However, despite these downturns in confidence, mortgage applications rose for the second consecutive week as of October 11th, elevated by increases in applications for refinancing.”
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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