Fixed Mortgage Rates Rebound
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) today, showing average fixed mortgage rates moving higher for the first time in three weeks amid more positive economic data out of the manufacturing and non-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 4.16 percent from 4.10 percent last week. A year ago at this time, the 30-year FRM averaged 3.40 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage rose to 3.27 percent from 3.20 percent last week. A year ago at this time, the 15-year FRM averaged 2.61 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) stayed at 2.96 percent. A year ago, the 5-year ARM averaged 2.73 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM fell to 2.61 percent from 2.64 last week. At this time last year, the 1-year ARM averaged 2.59 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. Ask an Inlanta Mortgage loan officer about our Lock & Shop program if you are worried about rising rates and want to lock in your mortgage rate now!
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Fixed mortgage rates rebounded slightly this week on more positive economic data releases. Production in the manufacturing industry expanded for the fifth month in a row in October to the strongest pace since April 2011. Similarly, the non-manufacturing sector grew for the second consecutive month in October and beat the market consensus forecast of a decline. These increases were widespread across the nation, from Chicago to Milwaukee to New York.”
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.
Want to Lock & Shop?
The Inlanta Lock & Shop is a loan program designed for home buyers who haven’t found a property but want to lock in while interest rates are historically low. This program is especially appealing to home buyers interested in locking in at mortgage rates that before they rebound any higher!
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Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was named a Top Mortgage Lender in 2012 by Scotsman Guide and has been listed on Mortgage Technology’s Top 25 Tech Savvy Lenders List for the last four years. Inlanta has also been named to the Milwaukee Business Journal’s “Top 25 Largest Milwaukee-Area Mortgage Banking Companies” and Mortgage Executive Magazine’s “Top 100 Mortgage Companies in America” in 2011 and 2012. In addition, Inlanta was named a “Fastest Growing Firm” by Milwaukee Business Journal in 2013 and a “Platinum Million Dollar Lender” by the USDA Rural Development Program.