Mortgage Rates Inch Up

MCLEAN, VA -- (Marketwired) -- 04/28/16 -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates inching up, but remaining well below 4 percent as we head into the heart of the spring homebuying season.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending April 28, 2016, up from last week when it averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent.
• 15-year FRM this week averaged 2.89 percent with an average 0.6 point, up from last week when it averaged 2.85 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.85 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.

"Treasury yields marched higher this week. As a result, the 30-year mortgage rate jumped 7 basis points to 3.66 percent. The Federal Reserve's decision to leave the Federal funds rate unchanged triggered a 9 basis point drop in the 10-year Treasury yield on Wednesday, however the drop occurred too late to impact this week's survey."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.

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Source: Freddie Mac

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