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News & Press: Consumer Tips

Fixed Mortgage Rates Inch Lower, Freddie Says

Friday, November 6, 2015   (0 Comments)
Posted by: Melissa Piccinich
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Average fixed mortgage rates fell slightly lower amid market expectations of no rate increase by the Federal Reserve, according to Freddie Mac's recently released Primary Mortgage Market Survey®.

"Treasury yields oscillated without a clear direction heading into the October FOMC meeting, as investors were confident there would be no rate increase,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate was little changed, declining just 3 basis points to 3.76 percent. While the FOMC left rates unchanged at this meeting, they kept a December rate hike as an option causing Treasuries to sell off in the latter part of the day, after our survey closed. Recent housing reports have done little to add or detract from the possibility of a December rate increase. Existing home sales were strong, contrasting with disappointing new home sales."

Results show that the 30-year fixed-rate mortgage (FRM) averaged 3.76 percent with an average 0.6 point for the week ending October 29, 2015, down from the last week when it averaged 3.79 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent.  

The 15-year FRM averaged 2.98 percent with an average 0.6 point, unchanged from the last week. A year ago at this time, the 15-year FRM averaged 3.13 percent.
 
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent with an average 0.4 point, unchanged from the last week. A year ago, the 5-year ARM averaged 2.94 percent. 

Additionally, the 1-year Treasury-indexed ARM averaged 2.54 percent with an average 0.2 point, down from 2.62 percent the week prior. At this time last year, the 1-year ARM averaged 2.43 percent. 

For more information, visit www.FreddieMac.com 

Reprinted with permission from RISMedia. ©2015. All rights reserved.



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