MCLEAN, Va., Dec. 27, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates continued their downward trend to end the week and the year lower.
Sam Khater, Freddie Mac’s chief economist, says, “Rates continued their two-month slide and are currently hovering around the same level as the early summer, which was before the deterioration in home sales. The negative headlines around the financial markets are concerning but the economy remains healthy, so the drop in mortgage rates should stem or even reverse the slide in home sales that occurred during the second half of 2018.”
- 30-year fixed-rate mortgage (FRM) averaged 4.55 percent with an average 0.5 point for the week ending December 27, 2018, down from last week when it averaged 4.62 percent. A year ago at this time, the 30-year FRM averaged 3.99 percent.
- 15-year FRM this week averaged 4.01 percent with an average 0.4 point, down from last week when it averaged 4.07 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.00 percent with an average 0.3 point, up from last week when it averaged 3.98 percent. A year ago at this time, the 5-year ARM averaged 3.47 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
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