The FINANCIAL -- Freddie Mac on February 11 released the results of its Primary Mortgage Market Survey (PMMS), showing mortgage rates moving lower for the sixth consecutive week amid ongoing market volatility. The average 30-year fixed is hovering just above its 2015 low of 3.59 percent.
30-year fixed-rate mortgage (FRM) averaged 3.65 percent with an average 0.5 point for the week ending February 11, 2016, down from last week when it averaged 3.72 percent. A year ago at this time, the 30-year FRM averaged 3.69 percent.
15-year FRM this week averaged 2.95 percent with an average 0.5 point, down from 3.01 percent last week. A year ago at this time, the 15-year FRM averaged 2.99 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.4 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 2.97 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.
Attributed to Sean Becketti, chief economist, Freddie Mac.
"The 30-year mortgage rate dropped another 7 basis points this week to 3.65 percent. This week's drop leaves the mortgage rate just 6 basis points above last year's low of 3.59 percent."
"In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form. The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period. If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing."