And homebuilder confidence in November remained a relatively low level, according to the National Association of Home Builders.”įor more information, visit. Residential construction eased 10.6 percent (annualized) between September and October, largely driven by a 33.3 percent decline in new condominium and apartment buildings and represented the slowest pace since records began in 1959. “Low fixed rates throughout the third quarter prompted an estimated $1.1 trillion in refinancing activity, saving homeowners about $10 billion in aggregate monthly payments over the first 12 months of their new loan. Moreover, for the fourth consecutive quarter, more than 95 percent of prime borrowers who originally had an ARM selected a conventional fixed-rate mortgage in the third quarter of this year. Meanwhile, new home building showed some weakness in recent months.
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“Interest rate on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21st, while 15-year fixed rates were the lowest since our records began in 1991,” said Frank Nothaft, Freddie Mac vice president and chief economist. If you are interested in seeing if refinancing makes sense, I am happy to review your scenario and provide you with a no-hassle rate quote.Of course I’m happy to help you buy a home too. At this time last year, the 1-year ARM averaged 5.29 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. This morning Freddie Mac released their Prime Mortgage Market Survey which revealed that last weeks rates hit another low for this year. A year ago, the five-year ARM averaged 5.87 percent. The one-year Treasury-indexed ARM averaged 4.35 percent this week with an average 0.6 point, down from last week when it averaged 4.47 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent this week, with an average 0.6 point, down from last week when it averaged 4.35 percent. A year ago at this time, the 15-year FRM averaged 5.73 percent. Last year at this time, the 30-year FRM averaged 6.04 percent. The 15-year FRM this week averaged 4.32 percent with an average 0.6 point, down from last week when it averaged 4.40 percent. 12, 2009, down from last week when it averaged 4.91 percent. The Motley Fool has a disclosure policy.Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.83 percent with an average 0.7 point for the week ending Nov. The Motley Fool has a disclosure policy.Ĭopyright © 1995 - 2013 The Motley Fool, LLC. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.
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Try any of our Foolish newsletter services free for 30 days. The article Freddie Mac: Mortgage Rates Largely Unchanged originally appeared on. "Mortgage rates were flat to down a little this week amid reports that inflation remains contained," according to Frank Nothaft, chief economist at Freddie Mac. The average one-year ARM dropped from 2.60%, to 2.57%.įreddie Mac's latest survey presents slightly higher mortgage rates than the country's recent record lows. The 15-year FRM this week averaged 4.50 percent with an average 0.7 point. Last year at this time, the 30-year FRM averaged 5.98 percent. Rates for five-year adjustable-rate mortgages (ARMs) also stayed flat compared to last week, at 2.67%. Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.82 percent with an average 0.7 point for the week ending May 21, down from last week when it averaged 4.86 percent. In addition, the rate of 15-year FRMs stayed at last week's rate of 2.66%. rang in at 3.38%, a two-basis-point drop from the previous week. In terms of 30-year fixed-rate mortgages (FRMs), the overall average rate in the U.S. Freddie Mac announced the most recent weekly mortgage rates in its latest Primary Mortgage Market Survey (PMMS) Thursday, showing rates largely unchanged from the previous week.