Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down for the third week in a row as uncertainty about the economy pushed Treasury yields lower earlier last week.
“All eyes are on the upcoming July employment report, as the Fed has made it clear developments in the labor market will affect the timing of any potential rate hike,” says Sean Becketti, chief economist, Freddie Mac. “The employment cost index rose 0.2 percent in the second quarter, the lowest quarterly increase in its 33-year history and ADP’s Private Employment Report missed expectations for private jobs in July. Uncertainty about the economy helped drive down Treasury yields early in the week, and thus mortgage rates fell 7 basis points to 3.91 percent, the lowest level since June 4th.”
Survey results show that the 30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.6 point for the week ending August 6, 2015, down from the last week when it averaged 3.98 percent. A year ago at this time, the 30-year FRM averaged 4.14 percent.
Additionally, the 15-year FRM averaged 3.13 percent with an average 0.6 point, down from the last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent with an average 0.4 point, unchanged from the week prior. A year ago, the 5-year ARM averaged 3.27 percent.
Results show that the 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.3 point, up from last week when it averaged 2.52 percent. At this time last year, the 1-year ARM averaged 2.98 percent.
For more information, visit www.freddiemac.com.