FreddieMac: Mortgage Rates Little Changed
OREANDA-NEWS. Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates largely unchanged and remaining near their low mark for 2016 at the start of the spring homebuying season.
- 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.6 point for the week ending April 21, 2016, up from last week when they averaged 3.58 percent. A year ago at this time, the 30-year FRM averaged 3.65 percent.
- 15-year FRM this week averaged 2.85 percent with an average 0.5 point, down from last week when it averaged 2.86 percent. A year ago at this time, the 15-year FRM averaged 2.92 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week with an average 0.5 point, down from last week when it averaged 2.84 percent. A year ago, the 5-year ARM averaged 2.84 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Sean Becketti, chief economist, Freddie Mac.
"Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize. As a result, the 30-year mortgage rate was mostly flat, up only 1 basis point to 3.59 percent. The release of March's existing-home sales report, which shows monthly growth at 5.1 percent, suggests homebuyers are taking advantage of low mortgage rates as the spring homebuying season gets underway."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing.