The start of the third quarter showed little change to mortgage interest rates according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending October 1, 2015. The average 30-year fixed-rate mortgage (FRM) interest rate inched down to 3.85% compared to the previous week when it was 3.86%. The average 15-year FRM interest rate also dipped slightly to 3.07% from 3.08% the week before. Compared to the same time last year, the average 30-year FRM was 4.19% and the average 15-year FRM was 3.36%. The 5-year and 1-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) interest rates remained unchanged from the previous week.
Freddie Mac’s Chief Economist, Sean Becketti, stated in regards to the latest PMMS results for the average 30-year FRM, “This marks the tenth consecutive week of a sub-4-percent mortgage rate.” Additionally, Becketti pointed out that even though mortgage rates have continued to remain low, the drop in pending home sales in August could result in tepid existing-home sales in September. Read the full press release at http://mwne.ws/1Vt346U.