The FINANCIAL -- Freddie Mac on December 3 released the results of its Primary Mortgage Market Survey (PMMS), showing the average 30-year fixed mortgage rate declining for the third consecutive week on disappointing manufacturing data.
30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.6 point for the week ending December 3, 2015, down from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent.
15-year FRM this week averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.94 percent.
1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.3 point, up from 2.59 percent last week. At this time last year, the 1-year ARM averaged 2.41 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 links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Sean Becketti, chief economist, Freddie Mac.
"Treasury yields ticked down 3 basis points after weak manufacturing data. In response, the 30-year mortgage rate dropped 2 basis points to 3.93 percent. After the survey closed, Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday's jobs report, the last significant release prior to the FOMC's meeting."