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MCLEAN, Va., April 05, 2018 -- Freddie Mac (OTCQB:FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping for the second consecutive week.
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News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.5 point for the week ending April 5, 2018, down from last week when it averaged 4.44 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.
- 15-year FRM this week averaged 3.87 percent with an average 0.4 point, down from last week when it averaged 3.90 percent. A year ago at this time, the 15-year FRM averaged 3.36 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.62 percent this week with an average 0.4 point, down from last week when it averaged 3.66. A year ago at this time, the 5-year ARM averaged 3.19 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 Len Kiefer, Deputy Chief Economist.
“After dropping earlier this week on trade-related anxiety in financial markets, the benchmark 10-year Treasury stabilized on Wednesday, but at a level slightly lower than from the start of last week. Mortgage rates followed and fell for the second consecutive week; the U.S. weekly average 30-year fixed mortgage was 4.4 percent in our survey this week. Though rates on the 30-year fixed mortgage are up 0.3 percentage points from the same week a year ago, a robust labor marking is helping home purchase demand weather modestly higher rates. The Mortgage Bankers Association reported in their latest Weekly Mortgage Applications Survey that the Purchase Index was up 5 percent from a year ago indicating that this spring is on track for a modest expansion in purchase mortgage activity.”
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
MEDIA CONTACT: Paul Frommelt
703-903-3999
[email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/479353ac-9c7e-43d1-bf6d-1f43cb30962b
