The FINANCIAL -- Freddie Mac on November 2 released the results of its Primary Mortgage Market Survey (PMMS), showing average mortgage rates holding steady after last week's big jump.
30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.5 point for the week ending November 2, 2017, the same as last week. A year ago at this time, the 30-year FRM averaged 3.54 percent.
15-year FRM this week averaged 3.27 percent with an average 0.5 point, up from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 2.84 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.5 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 5-year ARM averaged 2.87 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.
"Following a strong surge last week, rates held relatively flat this week. The 30-year mortgage rate remained unchanged at 3.94 percent, while the 10-year Treasury yield dipped roughly 4 basis points. The markets' reaction to the upcoming announcement of the next Fed chair may impact the movement of rates in next week's survey."