The 30-year fixed mortgage rate continues to decline, this time for the third consecutive week, according to the Freddie Mac Primary Mortgage Market Survey® (PMMS®). On average, the 30-year fixed-rate mortgage (FRM) stands at 3.93 percent.
“Treasury yields ticked down three basis points after weak manufacturing data,” explains Sean Becketti, chief economist for Freddie Mac. “In response, the 30-year mortgage rate dropped two basis points to 3.93 percent.”
The 15-year FRM, according to the survey, averages 3.16 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averages 2.99 percent, and the 1-year Treasury-indexed ARM averages 2.61 percent.
Source: Freddie Mac
Published with permission from RISMedia.