According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®), average fixed mortgage rates have followed Treasury yields lower, further benefitting the housing market. The survey finds the 30-year fixed-rate mortgage (FRM) averaging 3.79 percent and the 15-year FRM averaging 2.98 percent.
"Following Federal Reserve Governor Daniel Tarullo's remarks last week Treasury yields dipped,” explains Freddie Mac Chief Economist Sean Becketti. “In response, 30-year mortgage rates fell three basis points this week to 3.79 percent. The housing market continues to benefit from low mortgage rates, with housing starts for September beating expectations and the NAHB's Housing Market index registering a ten year-high in October."
The PMMS also shows the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averages 2.89 percent, and the 1-year Treasury-indexed ARM averages 2.62 percent.
Source: Freddie Mac
Published with permission from RISMedia.