theMReport.com Your trusted source for mortgage banking news
Freddie Mac released its Primary Mortgage Market Survey (PMMS) Wednesday. According to Sean Becketti, Chief Economist at Freddie Mac, rates dipped slightly in a short week leading up to the Thanksgiving holiday.
"The 10-year Treasury yield fell roughly 4 basis points, while the 30-year mortgage rate dropped 3 basis points to 3.92 percent. Mortgage rates continue to remain low." Becketti said.
The 30-year fixed mortgage (FRM) rate averaged 3.92 percent with an average 0.5 point for the week ending on November 22, 2017, which is down from last week at 3.95 percent. This is a decrease compared to November 2016 where the 30-year FRM averaged 4.03 percent.
The 15-year FRM averaged 3.32 percent with an average 0.4 point, up from last week’s 3.31 percent. In November last year, the average for the 15-year FRM was 3.25 percent.
Additionally, the 5-year Treasury-Indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22 percent with an average 0.4 point this week—representing an increase from last week when it averaged 3.21 percent and at the same time last year, the 5-year ARM averaged 3.12 percent.
To reflect the total upfront cost of obtaining a mortgage, average commitment rates should be reported along with average fees. Closings costs may still need to be paid by borrowers, which are not included in the survey. A full list of definitions from Freddie Mac can be viewed here.
To see the full graph of data, click here.
