Mortgage Rates Steady to Begin February

By February 7, 2017News, Uncategorized

Freddie Mac’s most recent Primary Mortgage Market Survey shows average 30-year mortgage rates holding steady after rising the previous week.

“The 10-year Treasury yield fell 5 basis points this week following a tepid advance estimate of fourth-quarter GDP and the Fed’s decision to leave rates unchanged,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained flat at 4.19 percent, starting the month 47 basis points higher than this time last year. Despite the uncertainty in the market, the pending home sales index increased 1.6 percent in December, up from a decline of 2.5 percent the month prior.”

Here’s a snapshot of Freddie Mac’s survey findings for the week ending Feb. 2:

• The 30-year fixed-rate mortgage averaged 4.19 percent, with an average 0.5 point, unchanged from the previous week. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.72 percent.

• The 15-year fixed-rate mortgage averaged 3.41 percent, with an average 0.5 point, up from the previous week when it averaged 3.40 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.01 percent.

• The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.23 percent, with an average 0.4 point, up from the previous week when it averaged 3.20 percent. A year ago, the five-year adjustable-rate mortgage averaged 2.85 percent.