The FINANCIAL -- Freddie Mac on March 3 released the results of its Primary Mortgage Market Survey (PMMS), showing mortgage rates ticking higher for the first time in two months.
30-year fixed-rate mortgage (FRM) averaged 3.64 percent with an average 0.5 point for the week ending March 3, 2016, up from last week when it averaged 3.62 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.
15-year FRM this week averaged 2.94 percent with an average 0.5 point, up from last week when it averaged 2.93 percent. A year ago at this time, the 15-year FRM averaged 3.03 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.5 point, up from last week when it averaged 2.79 percent. A year ago, the 5-year ARM averaged 2.96 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 market turbulence that kicked off the year subsided at the end of February, providing at least a temporary break in the flight to quality. Treasury yields approached their highest level in a month, boosting the 30-year mortgage 2 basis points this week to 3.64 percent. Despite this welcome breather, Fed officials have been highlighting the downside risks to the economic outlook, and the market expects the Fed to refrain from any further short-term rate increases for now."