The FINANCIAL -- Freddie Mac on September 7 released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed mortgage rate dropping to a year-to-date low for the third consecutive week.
30-year fixed-rate mortgage (FRM) averaged 3.78 percent with an average 0.5 point for the week ending September 7, 2017, down from last week when it averaged 3.82 percent. A year ago at this time, the 30-year FRM averaged 3.44 percent.
15-year FRM this week averaged 3.08 percent with an average 0.5 point, down from last week when it averaged 3.12 percent. A year ago at this time, the 15-year FRM averaged 2.76 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.4 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.81 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 10-year Treasury yield fell 9 basis points this week, reaching a new 2017-low for a second consecutive week. The 30-year mortgage rate followed, dropping 4 basis points to a year-to-date low of 3.78 percent."