Marketwired – Jan. 28, 2016 – Freddic Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing mortgage rates moving lower for the fourth consecutive week as the Fed held interest rates steady at its FOMC meeting on Wednesday.
- 30-year fixed-rate mortgage (FRM) averaged 3.79% with an average 0.6 point for the week ending Jan. 28, 2016, down from last weeek when it averaged 3.81%. A year ago at this time, the 30-year FRM averaged 3.66%.
- 15-year FRM this week averaged 3.07% with an average 0.5 point, down from 3.10% last week. A year ago at this time, the 15-year FRM averaged 2.98%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.9% this week with an average 0.5 point, down from lat week when it averaged 2.91%. A year ago at this time, the 5-year ARM average 2.86%.
Attributed to Sean Becketti, chief economist, Freddie Mac.
“This yield on the 10-year Treasury stabilized around 2% this week, and the 30-year mortgage dipped 2 basis points to 3.79%. The recent market turmoil has given the Fed pause; as was universally expected, the Fed stood pat this week but kept its options open for a rate increase in March. This week’s housing releases confirmed the momentum of home sales going into 2016. A hesitant Fed, sub-4-percent mortgage rates (at least for a little while longer), and strong housing fundamentals should generate a 3% increase in home sales this year.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability, and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making homes possible for one-in-four home borrowers and is the largest source of financing for multifamily housing.