Freddie Mac: Mortgage Rates Largely Unchanged
Freddie Mac announced the most recent weekly mortgage rates in its latest Primary Mortgage Market Survey (PMMS) Thursday, showing rates largely unchanged from the previous week.
In terms of 30-year fixed-rate mortgages (FRMs), the overall average rate in the U.S. rang in at 3.38%, a two-basis-point drop from the previous week. In addition, the rate of 15-year FRMs stayed at last week's rate of 2.66%. Rates for five-year adjustable-rate mortgages (ARMs) also stayed flat compared to last week, at 2.67%. The average one-year ARM dropped from 2.60%, to 2.57%.
Freddie Mac's latest survey presents slightly higher mortgage rates than the country's recent record lows. "Mortgage rates were flat to down a little this week amid reports that inflation remains contained," according to Frank Nothaft, chief economist at Freddie Mac.
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