Mortgage Rates Move Higher
MCLEAN, VA--(Marketwired - Dec 15, 2016) - Freddie Mac ( OTCQB : FMCC ) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher for the seventh consecutive week.
News Facts
- 30-year fixed-rate mortgage
(FRM) averaged 4.16 percent with an average 0.5 point for the week
ending December 15, 2016, up from last week when it averaged 4.13
percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
- 15-year FRM
this week averaged 3.37 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 3.22 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage
(ARM) averaged 3.19 percent this week with an average 0.4 point, up
from last week when it averaged 3.17 percent. A year ago, the 5-year ARM
averaged 3.03 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.
Attributed to Sean Becketti, chief economist, Freddie Mac.
"As
was almost-universally expected, the FOMC closed the year with its
one-and-only rate hike of 2016. The consensus of the committee points to
more rate hikes in 2017. However, the experience of this year combined
with the policy uncertainty that accompanies a new Administration
suggests a wait-and-see outlook.
"This
week's mortgage rate survey was completed prior to the FOMC
announcement. The 30-year mortgage rate rose 3 basis points on the week
to 4.16 percent. The MBA's Applications Survey posted drops in both
refinance and purchase applications, registering the impact of recent
mortgage rate increases. If rates continue their upward trend, expect
mortgage activity to be significantly subdued in 2017."
Freddie
Mac was established by Congress in 1970 to provide liquidity, stability
and affordability to the nation's residential mortgage markets. Freddie
Mac supports communities across the nation by providing mortgage
capital to lenders. Today Freddie Mac is making home possible for one in
four home borrowers and is the largest source of financing for
multifamily housing. Robert Bobby Darvish of Platinum Lending Solutions Orange County
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