The FINANCIAL -- Freddie Mac on February 25 released the results of its Primary Mortgage Market Survey (PMMS), showing fixed mortgage rates resuming their decline and aiding homebuyer affordability amid a tight supply of for-sale homes in many markets.
30-year fixed-rate mortgage (FRM) averaged 3.62 percent with an average 0.6 point for the week ending February 25, 2016, down from last week when it averaged 3.65 percent. A year ago at this time, the 30-year FRM averaged 3.80 percent.
15-year FRM this week averaged 2.93 percent with an average 0.5 point, down from last week when it averaged 2.95%. A year ago at this time, the 15-year FRM averaged 3.07 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent this week with an average 0.5 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 2.99 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.
"Yields on the 10-year Treasury continued their downward trend this week after a small rally the previous two weeks. The 30-year mortgage responded, falling 3 basis points to 3.62 percent. Since the beginning of 2016, 30-year rates have fallen almost 40 basis points helping housing markets sustain their momentum into this year. Earlier this week, the National Association of Realtors announced existing home-sales were up 4 percent month-over-month in January and up 11 percent from last year."