Digital News Report – Freddie Mac reported that interest rates are drifting lower again. In their Primary Mortgage Market Survey (PMMS), Freddie found that the 30-year fixed rate mortgage (FRM) hit a yearly low of 4.71 percent.
All of the mortgage products the company looked at were lower. The 15-year FRM was averaging 3.89 percent, the yearly low. Last week the average was 3.97 percent.
Both the 30-year and 15-year loans had an average of 0.7 points.
The 5-year adjustable rate mortgage (ARM) averaged 3.47 percent this week with of points of 0.6. These mortgages are variable and relative to 10-year Treasury notes.
Fannie Mae conducts their survey each week. They collect the data Monday through Wednesday and report their results every Thursday.
By Tim Edwards