MCLEAN, VA--(Marketwired - Apr 7, 2016) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates declining from the previous week and reaching their lowest level since February of last year.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.5 point for the week ending April 7, 2016, down from last week when they averaged 3.71 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
- 15-year FRM this week averaged 2.88 percent with an average 0.4 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 2.93 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.5 point, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 2.83 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.
Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.
"Mortgage rates this week registered the delayed impact of last week's sharp drop in Treasury yields as the 30-year mortgage rate fell 12 basis points to 3.59 percent. This rate marks a new low for 2016 and matches last year's low in February 2015. Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016."
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 the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac's future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company's future results are discussed more fully in our reports filed with the SEC.