Freddie Mac: Mortgage Rates In Holding Pattern Due To Economic Uncertainty

Posted by Patrick Barnard on February 09, 2017 No Comments
Categories : Residential Mortgage

Mortgage rates this week remained stuck in a holding pattern, with the average rate for a 30-year, fixed-rate mortgage (FRM) hovering at about 4.17%, down slightly from last week when it averaged 4.19%, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the 30-year FRM averaged 3.65%.

It was the third straight week that mortgage rates stayed within a two-basis-point range compared with the previous week.

For the week ended Feb. 9, the average rate for a 15-year FRM was 3.39%, down from 3.41% the previous week. A year ago at this time, the 15-year FRM averaged 2.95%.

The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.21%, down from 3.23%. A year ago, the five-year ARM averaged 2.83%.

Sean Becketti, chief economist for Freddie Mac, says, “Mixed economic releases such as Friday’s jobs report and uncertainty about the administration’s fiscal policies have contributed to the holding pattern in rates.”

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