The FINANCIAL — Freddie Mac on May 19 released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates holding near 2016 lows.
News Facts
30-year fixed-rate mortgage (FRM) averaged 3.58 percent with an average 0.6 point for the week ending May 19, 2016, up from last week when it averaged 3.57 percent. A year ago at this time, the 30-year FRM averaged 3.84 percent.
15-year FRM this week averaged 2.81 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.05 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, up from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 2.88 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.
“The 10-year Treasury yield saw minimal movement over the past week, despite encouraging news from April’s consumer spending and CPI data. Accordingly, the 30-year mortgage rate moved up just 1 basis point from its 2016 low to 3.58 percent. Although there was minimal change in rates this week, the hawkish tone of Wednesday’s Fed minutes release had an immediate impact on Treasury yields, and could possibly shake up next week’s survey results.”
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