February 25, 2017

Mortgage Rates Show Minimal Movement

Mortgage rates showed minimal movement this week, marking the fourth week in a row of negligible change, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate mortgage averaged 4.16 percent with an 0.5 point, a one point increase from 4.15 percent the previous week.

“In a short week following Presidents Day, the 10-year Treasury yield fell about eight basis points; however, the 30-year mortgage rate rose one basis point to 4.16 percent,” says Sean Becketti, Freddie Mac chief economist. “This week’s survey once again displays the disconnect between mortgage rates and Treasury yields—a result of continued uncertainty.”

According to the survey, the 15-year fixed-rate mortgage averaged 3.37 percent with an 0.5 point, a two-point increase from 3.35 percent the previous week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.16 percent with an 0.4 point, a two-point decrease from 3.18 percent the previous week.

Source: Freddie Mac

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This article first appeared on RIS Media