SOURCE: Freddie Mac

Freddie Mac

September 15, 2016 10:00 ET

Mortgage Rates Head Up

MCLEAN, VA--(Marketwired - Sep 15, 2016) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate increasing to its highest level since June.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.50 percent with an average 0.5 point for the week ending September 15, 2016, up from last week when it averaged 3.44 percent. A year ago at this time, the 30-year FRM averaged 3.91 percent.

  • 15-year FRM this week averaged 2.77 percent with an average 0.5 point, up from last week when it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 3.11 percent.

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.4 point, up from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.92 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.

"The 10-year Treasury yield rose 18 basis points to 1.73 percent, its highest level since Brexit. The 30-year fixed-rate mortgage followed suit, rising 6 basis points to 3.50 percent this week. This is the first week since June that mortgage rates were above 3.48 percent, snapping an 11-week trend."

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.

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