Mortgage Rates Hover over Historic Lows
Average fixed mortgage rates ticked up slightly across the board but remain near historic lows, according to the recently released Freddie Mac Primary Mortgage Market Survey®(PMMS®).
“Post-Brexit volatility tapered off over the last few weeks, allowing interest rates to bounce back a bit from their record and near-record lows,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year fixed mortgage rate increased 3 basis points to a still-quite-low 3.45 percent. With the Federal Reserve on hold and the UK monetary authority taking at least a one-month breather, we don’t expect any significant movement in mortgage rates in the near-term. This summer remains an auspicious time to buy a home or to refinance an existing mortgage.”
As Becketti noted, the 30-year fixed-rate mortgage (FRM) averaged 3.45 percent with an average 0.5 point for the week ending July 21, 2016, up from the last week when it averaged 3.42 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.
The 15-year FRM averaged 2.75 percent with an average 0.5 point, up from the last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
The PMMS shows that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent with an average 0.5 point, up from the last week when it averaged 2.76 percent. A year ago, the 5-year ARM averaged 2.97 percent.
For more information, visit www.freddiemac.com. Reprinted with permission from RISMedia. ©2016. All rights reserved.
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