by Chris Montcalmo, Sierra Pacific Mortgage
Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average 30-year and 15-year fixed mortgage rates rising.
The 30-year fixed-rate mortgage (FRM) averaged 4.19 percent with an average 0.4 point for the week ending Jan. 26, 2017, up from last week when it averaged 4.09 percent. A year ago at this time, the 30-year FRM averaged 3.79 percent.
The 15-year FRM this week averaged 3.40 percent with an average 0.4 point, up from last week when it averaged 3.34 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.20 percent this week with an average 0.4 point, down from last week when it averaged 3.21 percent. A year ago, the 5-year ARM averaged 2.90 percent.
“The 10-year Treasury yield increased more than 10 basis points this week,” said Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate moved up as well to 4.19 percent, a 10 basis point jump. This week marks the first increase in the mortgage rate since December 29.
“The 2.8 percent decline in existing home sales in December is a reminder of the lack of homes for sale,” Becketti added. “According to the National Association of Realtors, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate.”
To find out more about about current Baltimore mortgage rates and programs, contact Chris Montcalmo, Mortgage Consultant with Sierra Pacific Mortgage by clicking here.
