MCLEAN, Va., Nov. 15, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates moderated after increasing last week.
Sam Khater, Freddie Mac’s chief economist, says, “Despite recent market volatility, mortgage rates remained steady this week. The stability in mortgage rates reflects the moderation in inflationary pressures in the economy due to lower oil prices and subdued wage growth. On the margin, lower energy costs are a positive for the home sales market, particularly for lower-middle income suburban buyers who spend proportionately more income on transportation costs.”
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.94 percent with an average 0.5 point for the week ending November 15, 2018, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.95 percent.
- 15-year FRM this week averaged 4.36 percent with an average 0.4 point, up from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.14 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.21 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
MEDIA CONTACTS: Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com
Nicole Flores
703-903-4068
Nicole_Flores@FreddieMac.com
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5451d01b-4d7b-412e-a8a9-7fcf0b5be3fe