The FINANCIAL — Freddie Mac on December 14 released the results of its Primary Mortgage Market Survey (PMMS), showing average mortgage rates holding relatively flat across the board.
30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.5 point for the week ending December 14, 2017, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 4.16 percent.
15-year FRM this week averaged 3.36 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.37 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.36 percent this week with an average 0.3 point, up from last week when it averaged 3.35 percent. 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.
Attributed to Len Kiefer, Deputy Chief Economist.
“As widely expected, the Fed increased the federal funds target rate this week for the third time in 2017. The market had already priced in the rate hike so long term interest rates, including mortgage rates hardly moved. Mortgage rates held relatively flat across the board, with the 30-year fixed mortgage rate inching down 1 basis point to 3.93 percent in this week’s survey. Mortgage rates have been in a holding pattern for the fourth quarter, remaining within a 10 basis point range since October.”