Home buyers are experiencing lower mortgage rates according to two measures of the sector
Home buyers are experiencing lower mortgage rates according to two measures of the sector.
Freddie Mac’s Primary Mortgage Market Survey shows an average rate of 3.82% with an average 0.5 points for 30-year FRMs for the week ending August 31. That's down from 3.86% a week earlier and up from the 3.46% of a year ago.
For a 15-year FRM the average was 3.12% with an average 0.5 point; down from 3.16% a week earlier and up from 2.77% a year ago.
For a 5-year ARM the average was 3.14% with an average 0.5 point; down from last week's 3.17% and up from 2.83% a year ago.
"The 10-year Treasury yield fell to a new 2017-low on Tuesday. In response, the 30-year mortgage rate dropped 4 basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of mortgage rates," said Freddie Mac chief economist Sean Becketti.
Meanwhile Bankrate.com’s weekly national survey shows the benchmark 30-year fixed mortgage rate at 3.97% with an average 0.29 discount and origination points. It’s the first time the rate has been below 4% since last November. A week ago it was 4.02%
The average 15-year FRM rate dipped to 3.20% (from 3.23%) and the average 5-year ARM was down slightly to 3.47% (from 3.50%).
Freddie Mac’s Primary Mortgage Market Survey shows an average rate of 3.82% with an average 0.5 points for 30-year FRMs for the week ending August 31. That's down from 3.86% a week earlier and up from the 3.46% of a year ago.
For a 15-year FRM the average was 3.12% with an average 0.5 point; down from 3.16% a week earlier and up from 2.77% a year ago.
For a 5-year ARM the average was 3.14% with an average 0.5 point; down from last week's 3.17% and up from 2.83% a year ago.
"The 10-year Treasury yield fell to a new 2017-low on Tuesday. In response, the 30-year mortgage rate dropped 4 basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of mortgage rates," said Freddie Mac chief economist Sean Becketti.
Meanwhile Bankrate.com’s weekly national survey shows the benchmark 30-year fixed mortgage rate at 3.97% with an average 0.29 discount and origination points. It’s the first time the rate has been below 4% since last November. A week ago it was 4.02%
The average 15-year FRM rate dipped to 3.20% (from 3.23%) and the average 5-year ARM was down slightly to 3.47% (from 3.50%).
