Mortgage Rates Drop Third Week in a Row
The average 30-year fixed mortgage rate declined for the third consecutive week, according to the recently released Freddie Mac Primary Mortgage Market Survey® (PMMS®).
"Treasury yields ticked down 3 basis points after weak manufacturing data,” says Sean Becketti, chief economist, Freddie Mac. “In response, the 30-year mortgage rate dropped 2 basis points to 3.93 percent. After the survey closed, Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday's jobs report, the last significant release prior to the FOMC's meeting." The 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.6 point for the week ending December 3, 2015, down from the last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent. Survey results show the 15-year FRM averaged 3.16 percent with an average 0.5 point, down from the last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent with an average 0.5 point, down from the last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.94 percent. Results show the 1-year Treasury-indexed ARM averaged 2.61 percent with an average 0.3 point, up from 2.59 percent. At this time last year, the 1-year ARM averaged 2.41 percent. For more information, visit www.freddiemac.com. |
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