Average mortgage rates have declined following the Federal Reserve’s decision to postpone a rate hike, reversing upward movement from last week, according to Freddie Mac’s recent Primary Mortgage Market Survey® (PMMS®). Per the survey, the 30-year fixed-rate mortgage (FRM) averages 3.48 percent, with an average 0.6 point.
“The 10-year Treasury yield declined after last week’s post-Brexit high in anticipation of the Fed’s September policy meeting,” says Freddie Mac Chief Economist Sean Becketti. “The 30-year fixed-rate mortgage followed Treasury yields, falling two basis points and settling at 3.48 percent.”
The 15-year FRM, according to the survey, averages 2.76 percent with an average 0.5 point. The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averages 2.80 percent with an average 0.5 point.
“Despite the decrease in rates, the Refinance Index plunged 8 percent to its lowest level since June,” Becketti adds.
Source: Freddie Mac
Published with permission from RISMedia.