Rates Hold Steady, Remain Near Four Percent Mark

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed-rate mortgages (FRMs) holding largely steady for the third straight week amid light economic reports. This week, the 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending Sept. 4, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.57 percent. Also this week, the 15-year FRM averaged 3.24 percent with an average 0.5 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.59 percent. "Mortgage rates were little changed amid a week of light economic reports,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “The 30-year fixed-rate mortgage rate remained unchanged from the previous week at 4.10 percent. Of the few releases, the ISM's manufacturing index rose to 59.0 in August from 57.1 the previous month. This was the highest reading of the index since March 2011." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, unchanged from last week. A year ago, the five-year ARM averaged 3.28 percent. The one-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, up from last week when it averaged 2.39 percent. At this time last year, the one-year ARM averaged 2.71 percent.