Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

Freddie Mac: mortgage interest rates lose ground, still historically low

Mortgage rates remain at a historic low, and while they rose slightly for the week, they are down considerably compared to just a year ago, as housing struggles to find its footing after a rough tumble.

housing

house home

Mortgage rates remain low, hovering around bottom?

According to the Freddie Mac Primary Mortgage Market Survey® (PMMS®) released today, Freddie Mac reports that fixed mortgage rates moved slightly higher for the week to an average of 3.40 percent, after gaining slight ground the week prior, having dropped to 3.39 percent. Last week, the government-sponsored enterprise pointed to a growing economy and low inflation, but this week points out employment data, all of which play a part in the moving puzzle pieces of the economy.

Last year at this time, the 30-year fixed-rate mortgage averaged 3.99 percent, dropping below 4.00 percent for the first time since Freddie Mac started reporting its weekly mortgage rates survey in 1971.

Additionally, the 15-year FRM this week averaged 2.69 percent with an average 0.7 point, down from last week when it averaged 2.70 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent. Meanwhile, a 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.73 percent this week with an average 0.6 point, down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.98 percent. Lastly, Freddie Mac reports that a 1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.4 point, up from last week when it averaged 2.58 percent. At this time last year, the 1-year ARM averaged 2.95 percent.

Dr. Frank Nothaft, Vice President and Chief Economist at Freddie Mac said in a statement, “Mortgage rates remained near record lows following the employment report for October. The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.9 percent and that average hourly wages were unchanged.”

Advertisement. Scroll to continue reading.

Regional performance varied

As always, the national data depicted above is not always reflected in regional data, as a 30-year FRM in the West cost lest this week than in the Southeast, while a 15-year FRM costs the same in the Southeast and Southwest, both of which are higher than the North Central and Western regions.

freddie mac survey

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

Click to comment

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.