Baltimore mortgage rates move lower for second consecutive week

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates declining for the second consecutive week – both in Baltimore and nationwide.

The 30-year fixed-rate mortgage averaged 3.54 percent with an average 0.5 point for the week ending June 16, 2016, down from last week when it averaged 3.60 percent. One year ago at this time, the 30-year mortgage averaged 4.00 percent.

The 15-year fixed-rate mortgage this week averaged 2.81 percent with an average 0.5 point, down from last week when it averaged 2.87 percent. One year ago at this time, the 15-year mortgage averaged 3.23 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.5 point, down from last week when it averaged 2.82 percent. One year ago, the 5-year ARM averaged 3.00.

“The 10-year Treasury yield continued its free fall this week as global risks and expectations for the Fed‘s June meeting drove investors to the safety of government bonds,” said Freddie Mac chief economist Sean Becketti. “The 30-year mortgage rate responded by falling 6 basis points for the second straight week to 3.54 percent — yet another low for 2016. Wednesday’s Fed decision to once again stand pat on rates, as well as growing anticipation of the U.K.’s upcoming European Union referendum will make it difficult for Treasury yields and — more importantly — mortgage rates to substantially rise in the upcoming weeks.”

For more information on Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.

Baltimore mortgage rates tick up on Fed news

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates up slightly from 2016 lows.

The 30-year fixed-rate mortgage averaged 3.64 percent with an average 0.5 point for the week ending May 26, 2016, up from last week when it averaged 3.58 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.

The 15-year fixed-rate mortgage this week averaged 2.89 percent with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago at this time, the 15-year FRM averaged 3.11 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87 percent this week with an average 0.5 point, up from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 2.90 percent.

“U.S. Treasury yields moved up in response to the Fed minutes release, which kept alive the possibility of a summer rate-hike,” said Freddie Mac chief economist Sean Becketti.  “Mortgage rates followed, with the 30-year fixed-rate mortgage increasing 6 basis points to 3.64 percent. Despite this increase, May ends the month averaging only 3.60 percent, 1 basis point below April’s average, and the lowest monthly average in 3 years. Homebuyers are taking advantage of these historically low rates with April’s new-home sales [pdf] increasing by 16.6 percent, the fastest pace since January 2008.”

For more information on Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.

Baltimore mortgage rates back near 2016 lows

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates falling following the Federal Reserve’s decision to stand pat last week, and other negative economic data. Mortgage rates are now hovering just above their low point for the year.

The 30-year fixed-rate mortgage (FRM) averaged 3.61 percent with an average 0.6 point for the week ending May 5, 2016, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 3.80 percent.

The 15-year FRM this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.02 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 2.90 percent.

“The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower,” said Freddie Mac chief economist Sean Becketti. “As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year. Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”

For more information on local Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo here.

Baltimore mortgage rates tick higher

Baltimore Mortgage RatesFreddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing mortgage rates in Baltimore and around the nation ticking higher for the first time in nearly two months.

The 30-year fixed-rate mortgage (FRM) averaged 3.64 percent with an average 0.5 point for the week ending March 3, 2016, up from last week when it averaged 3.62 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.

The 15-year FRM this week averaged 2.94 percent with an average 0.5 point, up from last week when it averaged 2.93 percent. A year ago at this time, the 15-year FRM averaged 3.03 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.5 point, up from last week when it averaged 2.79 percent. A year ago, the 5-year ARM averaged 2.96 percent.

Sean Becketti, chief economist at Freddie Mac, was quoted as saying, “The market turbulence that kicked off the year subsided at the end of February, providing at least a temporary break in the flight to quality. Treasury yields approached their highest level in a month, boosting the 30-year mortgage 2 basis points this week to 3.64 percent.

“Despite this welcome breather, Fed officials have been highlighting the downside risks to the economic outlook, and the market expects the Fed to refrain from any further short-term rate increases for now.”

For more information on current Baltimore mortgage rates, contact Chris Montcalmo with Sierra Pacific Mortgage.

Source: Freddie Mac