Mortgage Rates Tick Higher
Mortgage Rates Tick Higher
MCLEAN, VA–(Marketwired – Dec 10, 2015) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate ticking slightly higher on a better than expected November employment report.
- 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.6 point for the week ending December 10, 2015, up from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
- 15-year FRM this week averaged 3.19 percent with an average 0.5 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.5 point, up from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 2.98 percent.
- 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.2 point, up from 2.61 percent last week. At this time last year, the 1-year ARM averaged 2.40 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 links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
As of January 1, 2016, the PMMS will no longer provide results for the 1-year ARM. Additionally, the regional breakouts will not be provided for the 30-year and 15-year fixed rate mortgages, and the 5/1 Hybrid ARM.
Attributed to Sean Becketti, chief economist, Freddie Mac.
“The economy added 211,000 new jobs in November exceeding analysts’ expectations, and the prior two months were revised higher as well. This momentum is likely to cement a decision by the Fed to begin raising interest rates this month. Following the release of the employment report, Treasuries rose 7 basis points and in response the 30-year mortgage rate ticked up two basis points to 3.95 percent.”
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 one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.