The 30-year fixed-rate mortgage (FRM) recently averaged 3.89 percent with an average 0.6 point, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The rate, a slight nose up, comes amid volatile market activity and “essentially no new information,” says Freddie Mac Chief Economist Sean Becketti.
“The 30-year mortgage rate increased 5 basis points, but don’t read too much into that,” Becketti says. “The Fed took great pains at the Jackson Hole conference to keep all their options open and to avoid talking too much – or too little – of the situation in China and the volatility in global equity markets.”
The 15-year FRM averaged 3.09 percent with an average 0.6 point. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent with an average 0.4 point, and the 1-year Treasury-indexed ARM averaged 2.62 percent with an average 0.3 point.
Source: Freddie Mac
Published with permission from RISMedia.