Mortgage rates average 3.90% | South Salem Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average fixed mortgage rates largely unchanged following a shortened week and mixed economic signals prior to the Fed’s meeting next week.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.6 point for the week ending September 10, 2015, up from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
• 15-year FRM this week averaged 3.10 percent with an average 0.7 point, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent this week with an average 0.5 point, down from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.99 percent.
• 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.3 point, up from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.45 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 theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“Following a shortened week, mortgage rates were virtually unchanged, inching up 1 basis point to 3.90 percent. The employment report released last Friday provided mixed signals, adding one more note of uncertainty prior to the Fed’s September meeting. The unemployment rate dropped to 5.1 percent in August, the lowest rate since April 2008, but only 173,000 jobs were added, well below expectations. Wages grew 2.2 percent, a neutral indication at best.