Freddie Mac: Mortgage Rates Held Steady This Week

Posted by Patrick Barnard on February 18, 2016 No Comments
Categories : Residential Mortgage

Fixed mortgage rates remained more or less flat during the week ended Feb. 18, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.65%, unchanged from the previous week. A year ago at this time, the 30-year FRM averaged 3.76%.

The average rate for a 15-year FRM was 2.95%, also unchanged from the previous week. A year ago at this time, the 15-year FRM averaged 3.05%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.85%, up from 2.83%. A year ago, the five-year ARM averaged 2.97%.

All rates are based on closings.

“After another week of financial market oscillations driven by rumors of potential limits on oil production, the 10-year Treasury yield edged up five basis points, and the 30-year mortgage rate remained unchanged at 3.65 percent,” notes Sean Becketti, chief economist for Freddie Mac, in a release. “Despite this week’s uptick in Treasury yields, the 10-year is still 54 basis points lower than it stood at the end of 2015, while the mortgage rate has dropped only 36 basis points over the same period.”

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