|Fixed Mortgage Rates Hover Near 2015 Lows|
|RISMEDIA, Monday, February 22, 2016— Fixed mortgage rates remain unchanged from last week, hovering near their 2015 lows, according to the recently released Freddie Mac Primary Mortgage Market Survey®
"After another week of financial market oscillations driven by rumors of potential limits on oil production, the 10-year Treasury yield edged up 5 basis points, and the 30-year mortgage rate remained unchanged at 3.65 percent,” says Sean Becketti, chief economist, Freddie Mac. “Despite this uptick in Treasury yields, the 10-year is still 54 basis points lower than it stood at the end of 2015, while the mortgage rate has dropped only 36 basis points over the same period."
The 30-year fixed-rate mortgage (FRM) averaged 3.65 percent with an average 0.5 point for the week ending February 18, 2016, unchanged from the last week. A year ago at this time, the 30-year FRM averaged 3.76 percent.
The 15-year FRM averaged 2.95 percent with an average 0.5 point, unchanged from the last week. A year ago at this time, the 15-year FRM averaged 3.05 percent.
Results show that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent with an average 0.4 point, up from the last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 2.97 percent.
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Great mortgage rates!
- February 22, 2016
Licensed Associate Real Estate Broker & Team Leader