According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate following Treasury yields lower in mid-October 2015, which continues to benefit the housing market.
Sean Becketti, chief economist of Freddie Mac stated, "Following Federal Reserve Governor Daniel Tarullo's remarks last week Treasury yields dipped. In response, 30-year mortgage rates fell 3 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."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.79 percent with an average 0.6 point for the week ending October 22, 2015, down from last week when it averaged 3.82 percent. A year ago at this time, the 30-year FRM averaged 3.92 percent.
15-year FRM this week averaged 2.98 percent with an average 0.5 point, down from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.08 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.4 point, up from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 2.91 percent.
1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.2 point, up from 2.54 percent last week. At this time last year, the 1-year ARM averaged 2.41 percent.
U.S. home prices increased 6.7% in September 2020, compared with September 2019, marking the fastest annual acceleration since May 2014. On a month-over-month basis, home prices increased by 1.1% compared to August 2020.