The FINANCIAL -- Freddie Mac on August 11 released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates little changed from the previous week and remaining near historic lows.
30-year fixed-rate mortgage (FRM) averaged 3.45 percent with an average 0.5 point for the week ending August 11, 2016, up from last week when it averaged 3.43 percent. A year ago at this time, the 30-year FRM averaged 3.94 percent.
15-year FRM this week averaged 2.76 percent with an average 0.5 point, up from last week when it averaged 2.74 percent. A year ago at this time, the 15-year FRM averaged 3.17 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.5 point, up from last week when it averaged 2.73 percent. A year ago, the 5-year ARM averaged 2.93 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.
"A surprisingly strong July jobs report showed 255,000 jobs added and 0.3 percent wage growth from last month, exceeding many experts' expectations. In response, the 10-Year Treasury yield rose to its highest level since June and the 30-year fixed-rate mortgage increased 2 basis points to 3.45 percent."