The FINANCIAL — Freddie Mac on December 21 released the results of its Primary Mortgage Market Survey (PMMS), showing average mortgage rates inching up as we approach the end of 2017.
30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.5 point for the week ending December 21, 2017, up from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 4.30 percent.
15-year FRM this week averaged 3.38 percent with an average 0.5 point, up from last week when it averaged 3.36 percent. A year ago at this time, the 15-year FRM averaged 3.52 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.39 percent this week with an average 0.3 point, up from last week when it averaged 3.36 percent. A year ago at this time, the 5-year ARM averaged 3.32 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.
“30-year fixed mortgage rates have been bouncing around in a narrow 10 basis points range since October. The U.S. average 30-year fixed mortgage rate increased 1 basis point to 3.94 percent in this week’s survey. The majority of our survey was completed prior to the surge in long-term interest rates that followed the passage of the tax bill. If those rate increases stick, we’ll likely see higher mortgage rates in next week’s survey. But even with yesterday’s increase, the 10-year Treasury yield is down from a year ago, and 30-year fixed mortgage rates are 36 basis points below the level we saw in our survey last year at this time. Mortgage rates are low.”