Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates increasing while still remaining relatively low helping to support the ongoing housing recovery, which is providing a positive contribution to the overall economy.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages rose to 4.39 from 4.31 percent last week. Last year at this time the 30-year FRM averaged 3.55 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages rose to 3.43 percent from 3.39 last week. Last year at this time, the 15-year FRM averaged 2.83 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved up to 3.18 percent from 3.16 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 went down slightly to 2.64 percent from 2.65 percent last week. Last year at this time, the 1-year ARM averaged 2.70 percent.
Low mortgage rates continue to assist with the housing market recovery. Contact a licensed mortgage loan professional at 239-936-4232 to take advantage of low mortgage rates.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates rose slightly leading up to the Federal Reserve’s (Fed) monetary policy statement this week. The statement indicated no change in monetary policy. The Fed indicated that the economy expanded at a modest pace, but the unemployment rate remains elevated.
“With mortgage rates still relatively low, the housing recovery continues to support the overall economy. May’s S&P/Case Shiller® 20-city composite index was up 12.2 percent from last May and represented the largest annual increase since March 2006. In addition, pending home sales in June hovered near a six-and-a-half year high. Finally, second-quarter GDP growth came in at 1.7 percent with residential fixed investment contributing 0.4 percent. This makes it the 11th consecutive quarter housing has made a positive contribution to real GDP growth.”
Each Thursday, Freddie Mac releases the results of their Primary Mortgage Market Survey (PMMS). The results are based on a survey of lenders each week on the rates and points for their most popular mortgage products. The survey is collected from Monday through Wednesday and the average results are posted on Thursday. For up to the minute mortgage rate information, please contact a mortgage loan professional. For more information about the Primary Mortgage Market Survey, visit the Freddie Mac website.