Average fixed mortgage rates remain largely unchanged ahead of this week’s employment report, according to Freddie Mac’s recently released Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending October 6, 2016, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.76 percent.
“The 10-year Treasury yield leaped to a two-week high following reports of the European Central Bank retreating from its bond-buying program ahead of its initial March deadline,” says Sean Becketti, chief economist, Freddie Mac. “In contrast, the 30-year fixed-rate mortgage remained unchanged. Over the past two weeks, mortgage rates have remained fairly flat while Treasury yields have fallen and risen.”
The 15-year FRM this week averaged 2.72 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.99 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.4 point, down from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.88 percent.
For more information, visit www.FreddieMac.com.
From:: Finance and Economy