Mortgage Rates Hold Steady

MCLEAN, VA--(Marketwired - May 4, 2017) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average mortgage rates holding steady for the week.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.5 point for the week ending May 4, 2017, down from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.61 percent.
• 15-year FRM this week averaged 3.27 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.86 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week with an average 0.5 point, up from last week when it averaged 3.12 percent. A year ago, the 5-year ARM averaged 2.80 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 remained relatively flat this week, as did the 30-year mortgage rate which fell 1 basis point to 4.02 percent. Markets have been erring on the side of caution following a weak advance estimate for first-quarter GDP and the FOMC's broadly expected decision to leave rates unchanged."

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.