The FINANCIAL -- Freddie Mac on March 29 released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates holding largely steady for the week.
30-year fixed-rate mortgage (FRM) averaged 4.44 percent with an average 0.5 point for the week ending March 29, 2018, down from last week when it averaged 4.45 percent. A year ago at this time, the 30-year FRM averaged 4.14 percent.
15-year FRM this week averaged 3.90 percent with an average 0.5 point, down from last week when it averaged 3.91 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.66 percent this week with an average 0.4 point, down from last week when it averaged 3.68. A year ago at this time, the 5-year ARM averaged 3.18 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 Len Kiefer, Deputy Chief Economist.
“Treasury yields fell from a week ago helping to drive mortgage rates modestly lower. The yield on the 10-year Treasury dipped below 2.8 percent for the first time since early February of this year. The decline in Treasury yields comes as investors move into safer assets amid increased trade tensions. Following Treasurys, mortgage rates fell slightly. The U.S. weekly average 30-year fixed mortgage rate fell 1 basis point to 4.44 percent in this week’s survey.”