The official results have been released regarding Freddie Mac‘s Primary Mortgage Market Survey, which shows that the rate for a 30-year fixed-rate mortgage has officially dropped to a new low for the year 2017.
Here are some of the facts:
- A 30-year fixed-rate mortgage averaged approximately 3.88% with an average of 0.5% ending on the week of June 29, 2017. This is down from the previous week when the average was 3.90%. At the same time one year ago, this type of mortgage averaged 3.48%.
- Currently, a 15-year fixed-rate mortgage averages 3.17% along with an average of 0.5%. This is the same amount as the previous week. This time one year ago, the average for this type of mortgage was 2.78%.
- A five-year Treasury-indexed hybrid adjustable rate mortgage recently averaged at approximately 3.17%, along with an average of 0.5%. This is an increase from the previous week’s 3.14%. During the previous year, this mortgage saw an average of 2.70%.
Average fees and commitment rates should generally be reported alongside average points, as this will reflect the complete upfront cost in regards to obtaining the actual mortgage itself. However, borrowers will still be able to pay actual closing costs, the amounts of which were not included in the survey that was released.
Freddie Mac’s chief economist was also quoted as saying that the rate for a 30-year fixed mortgage decreased by two points recently, putting it at 3.88%, yet the survey that was conducted was done so prior to the sell-off in the bond market, which actually drove the Treasury yields higher. Furthermore, if these yields continue to rise, overall mortgage rates may increase as well.
Freddie Mac is a company that dedicates itself to making homes possible for virtually millions of individuals and families thanks to providing mortgage capital to various lenders. Created by Congress back in 1970, Freddie Mac has made housing more affordable and accessible to both renters and buyers, regardless of the community.
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