Freddie Mac's latest Primary Mortgage Market Survey (PMMS) is reporting the average fixed mortgage rate in the U.S. largely unchanged this week as analyst expectation turned from world events to the Federal Open Market Committee's (FOMC) October minutes.
Sean Becketti, chief economist of Freddie Mac said, "Treasury yields stabilized about 5 basis points below last week's level as the market shrugged off economic data and world events and turned its attention to the minutes of the October FOMC meeting. In response, the 30-year mortgage rate ticked down a basis point to 3.97 percent. The FOMC minutes were couched in careful Fed-speak, and early market reaction was mixed, with most analysts reading their own expectations into the minutes."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.6 point for the week ending November 19, 2015, down from last week when it averaged 3.98 percent. A year ago at this time, the 30-year FRM averaged 3.99 percent.
15-year FRM this week averaged 3.18 percent with an average 0.5 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.17 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.5 point, down from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 3.01 percent.
1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.3 point, down from 2.65 percent last week. At this time last year, the 1-year ARM averaged 2.44 percent.