Baltimore mortgage rates steady to begin February

Baltimore Mortgage Ratesby Chris Montcalmo, Sierra Pacific Mortgage

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average 30-year Baltimore mortgage rates holding steady after rising last week.

The 30-year fixed-rate mortgage (FRM) averaged 4.19 percent with an average 0.5 point for the week ending Feb. 2, 2017, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.72 percent.

The 15-year FRM this week averaged 3.41 percent with an average 0.5 point, up from last week when it averaged 3.40 percent. A year ago at this time, the 15-year FRM averaged 3.01 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.4 point, up from last week when it averaged 3.20 percent. A year ago, the 5-year ARM averaged 2.85 percent.

 

“The 10-year Treasury yield fell 5 basis points this week following a tepid advance estimate of fourth-quarter GDP and the Fed‘s decision to leave rates unchanged,” said Freddie Mac chief economist, Sean Becketti. “The 30-year mortgage rate remained flat at 4.19 percent, starting the month 47 basis points higher than this time last year. Despite the uncertainty in the market, the pending home sales index increased 1.6 percent in December, up from a decline of 2.5 percent the month prior.”

To find out more about about current Baltimore mortgage rates and programs, contact Chris Montcalmo, Mortgage Consultant with Sierra Pacific Mortgage by clicking here.

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