Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate dropping slightly after last week’s jump.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.5 point for the week ending November 22, 2017, down from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 4.03 percent.
- 15-year FRMÂ this week averaged 3.32 percent with an average 0.4 point, up from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 3.25 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22 percent this week with an average 0.4 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 5-year ARM averaged 3.12 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.
Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.
“Rates dipped slightly in a short week leading up to the Thanksgiving holiday. The 10-year Treasury yield fell roughly 4 basis points, while the 30-year mortgage rate dropped 3 basis points to 3.92 percent. Mortgage rates continue to remain low.”