SOURCE: Freddie Mac

Freddie Mac

October 27, 2016 10:00 ET

Mortgage Rates Ease From Recent Spike, Closer to Near Record Lows

MCLEAN, VA--(Marketwired - Oct 27, 2016) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates slipping from last week's spike and the 30-year fixed-rate mortgage easing back to its summertime range below 3.5 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.47 percent with an average 0.6 point for the week ending October 27, 2016, down 5 basis points from 3.52 percent last week. A year ago at this time, the 30-year FRM averaged 3.76 percent.
  • 15-year FRM this week averaged 2.78 percent with an average 0.5 point, down slightly from last week when they averaged 2.79 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

"Mortgage rates continue to be relatively stable and at near record lows. The 30-year fixed-rate mortgage fell 5 basis points week-over-week to 3.47 percent, erasing last week's increase. At the same time, the 10-year Treasury yield ended the week relatively flat -- up about 2 basis points."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.