Fixed Mortgage Rates Largely Unchanged
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely unchanged following a shortened week and mixed economic signals prior to the Fed’s meeting next week.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.90 percent, up slightly from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.10 percent, also up slightly from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.91 percent, up from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.99 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.63 percent, up slightly from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.45 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:
“Following a shortened week, mortgage rates were virtually unchanged, inching up 1 basis point to 3.90 percent. The employment report released last Friday provided mixed signals, adding one more note of uncertainty prior to the Fed’s September meeting. The unemployment rate dropped to 5.1 percent in August, the lowest rate since April 2008, but only 173,000 jobs were added, well below expectations. Wages grew 2.2 percent, a neutral indication at best.”
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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