Freddie Mac PMMS Reports Lowest Mortgage Rates in Three Months

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PMMS Jan 14 2016
Freddie Mac’s Primary Mortgage Market Survey reports that mortgage rates continued to trend lower last week with the 30 year fixed conventional mortgage averaging 3.81 with 0.6 points.

From Freddie Mac’s Chief Economist, Sean Becketti:

“The Freddie Mac mortgage rate survey had difficulty keeping up with market events this week. The 30-year mortgage rate dropped 11 basis points to 3.81 percent, the lowest rate in three months. This drop reflected weak inflation — 0.7 percent CPI inflation for all of 2015 — and nonstop financial market turbulence that is driving investors to the safe haven of Treasuries. However, the survey was largely complete prior to Wednesday’s Treasury rally that drove the yield on the 10-year Treasury below 2 percent, down 29 basis points since the end of 2015.”

Freddie Mac’s PMMS report is literally last week’s data and the rates quoted are expired. Mortgage rates have continued the downward trend.

As I write this post, Thursday, January 21, 2016 at 11:49 am, I’m quoting:

3.750% (APR 3.874%) priced with 0.780 points.

Rate quoted above is based on a purchase in the greater Seattle – King County area with a sales price of $500,000, 20% down payment and a conventional loan amount of $400,000. The home buyers have excellent credit with credit scores of 740 or higher and the transaction is closing by February 19, 2016 or sooner.

Rates quoted are subject to credit approval and may change at any time. Payments quoted above do not include property taxes or insurance and are principal and interest only. This is just a small sample of the mortgage rates and programs that I have available. If you would like me to provide you with a mortgage rate quote for your home purchase or refinance on your home located anywhere in Washington state, please click here.

 

 

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