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Fixed-Rates Remain Under the Four Percent Mark

National Mortgage Professional
Oct 01, 2015
Home Sales Pic

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing the average fixed-rate mortgage (FRM) largely unchanged despite ongoing global growth concerns putting downward pressure on Treasury yields. The 30-year FRM averaged 3.85 percent with an average 0.6 point for the week ending Oct. 1, 2015, down from last week when it averaged 3.86 percent. A year ago at this time, the 30-year FRM averaged 4.19 percent. The 15-year FRM this week averaged 3.07 percent with an average 0.7 point, down from last week when it averaged 3.08 percent. A year ago at this time, the 15-year FRM averaged 3.36 percent.

"In contrast to the volatility in equity markets, the 10-year Treasury ratea key driver of mortgage ratesvaried just a little more than 10 basis points over the last week," said Sean Becketti, chief economist, Freddie Mac. "As a result, the 30-year mortgage rate remained virtually unchanged, dropping one basis point to 3.85 percent. This marks the tenth consecutive week of a sub-four-percent mortgage rate. Despite persistently low mortgage rates, the pending home sales index dropped 1.4 percent in August, suggesting possible tempering in existing home sales in September."


The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent this week with an average 0.4 point, unchanged from last week. A year ago, the five-year ARM averaged 3.06 percent. The one-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.2 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.42 percent.

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