Mortgage Rates remain near “Record Lows”

Freddie Mac released the Prime Mortgage Market Survey (PMMS) this morning which is based on a survey average of conforming mortgage rates from last week.

2016-10-27-pmms

The PMMS reveals that mortgage rates have returned to near record lows after a short spike up. Their report uses the word “spike” which seems kind of funny to me when rates were not that dramatically, in my opinion.

Bottom line, mortgage rates have been low for a very long time. Rates for the 30 year fixed have been hanging around 3.500% since late spring of this year. Last week’s average rate for a 30 year fixed rate per the PMMS report was 3.47% with 0.6 point.

If you’re considering taking advantage of current low mortgage rates with a refi or buying a home, I am more than happy to help you if the home is located anywhere in Washington state. Click here for a no hassle mortgage rate quote.

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