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Mortgage Rates are at all time Low!

Average fixed mortgage rates dipped slightly last month (August 2016), remaining near their all-time record lows, according to the recently released Freddie Mac Primary Mortgage Market Survey® (PMMS®).

 

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The 30-year fixed-rate mortgage (FRM) averaged 3.43 percent with an average 0.5 point for the week ending August 18, 2016, down from the week of August 11, 2016,  when it averaged 3.45 percentA year ago at this time, the 30-year FRM averaged 3.93 percent.

The 15-year FRM averaged 2.74 percent with an average 0.5 point, down from the week of August 11, 2016  when it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 3.15 percent.

Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.76 percent with an average 0.4 point, up from the week prior when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.94 percent.

 

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“Ahead of the release of the FOMC minutes for July, 10-year Treasury yields were little changed from the prior week,” says Sean Becketti, chief economist, Freddie Mac. The 30-year fixed-rate mortgage fell 2 basis points to 3.43 percent this week, erasing last week’s uptick. For eight consecutive weeks, mortgage rates have ranged between 3.41 and 3.48 percent. Inflation is not adding any upward pressure on interest rates as the Bureau of Labor Statistics reported that the Consumer Price Index was unchanged in July.”

 

#mortgage #mortgagetips #mortgagelife #mortgage101

 

Source: rismedia.com

For your real estate related queries, contact Shital Doshi Shah

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Shital Doshi Shah is a Residential, Commercial and Relocation Realtor in the Greater Seattle area. She works hard to provide her clients with the most positive real estate experience possible. A vital part of today’s real estate industry is technology, and to that end she provides her clients with state-of-the art marketing and web tools. It’s just one of the many things that has made her one of the most respected real estate agents in the communities and neighborhoods she services.

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