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As the summer draws to a close, Freddie Mac offered some good news ahead of the Labor Day break: Average fixed mortgage rates moving slightly higher for the week.
According to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 3.46 percent for the week ending Sept. 1, up from last week when it averaged 3.43 percent. The 15-year FRM this week averaged 2.77 percent, up from last week when it averaged 2.74 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week, up from last week when it averaged 2.75 percent.
Freddie Mac also released its Multi-Indicator Market Index (MiMi) for August, which stood at 85, largely unchanged from July. Thirty-eight states plus the District of Columbia and 77 out of 100 metro areas had MiMi values within range of their benchmark averages.
“Nationally, MiMi in June was largely unchanged at 85, marking a 5.76 percent year-over-year increase and the 50th consecutive month of year-over-year increases,” said Freddie Mac Deputy Chief Economist Len Kiefer. “Low mortgage rates and consistent job gains are helping to bolster homebuyer demand, which is reflected in the MiMi purchase applications indicator.”