Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the new year started with lower rates across the board, the company announced in a release.
Sam Khater, Freddie Mac’s chief economist, indicated mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent.
“Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy,” Khater said in the release. “However, it will be interesting to see how the recent turmoil in the stock market will affect homebuying activity in the coming months.”
Other facts that the Freddie report unveiled included:
- A 15-year FRM this week averaged 3.99 percent with an average 0.4 point, down from last week when it averaged 4.01 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.
- A 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.98 percent with an average 0.2 point, down from last week when it averaged 4.00 percent. A year ago at this time, the 5-year ARM averaged 3.45 percent.
Freddie also said that the average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.