FREDDIE MAC MORTGAGE RATES For The Week Ending October 15 2015

Dated: 10/16/2015

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Oct 15, 2015 - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates nudging higher throughout the beginning of the week.


However, Fed comments suggesting it may not raise short-term interest rates yesterday, coupled with weaker than expected consumer demand, pushed Treasury yields lower suggesting interest rates may remain lower than reported a while longer.


• 30-year fixed-rate mortgage (FRM) averaged 3.82 percent with an average 0.6 point for the week ending October 15, 2015, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.


• 15-year FRM this week averaged 3.03 percent with an average 0.6 point, up from last week when it averaged 2.99 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.


• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.92 percent.


• 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.2 point, down from 2.55 percent last week. At this time last year, the 1-year ARM averaged 2.38 percent.


• Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.


Quote: Attributed to Sean Becketti, chief economist, Freddie Mac."As the shock of the weak September employment report wore off, Treasury rates drifted higher. In response, the 30-year mortgage rate climbed 6 basis points to 3.82 percent, marking 12 consecutive weeks below 4 percent. Late-breaking news suggests mortgage rates may remain in this territory a while longer. After this week's survey closed, Federal Reserve Governor Daniel Tarullo was quoted suggesting the Fed may not act this year, and Wednesday the 10-year Treasury closed under 2 percent in reaction to economic releases indicating weak consumer demand."

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Bart Austin

"There is no substitute for experience!" Growing up on Long Island, N.Y., Bart learned many things from his mom, who was a real estate attorney. He worked as a buyer in retail sportswear in New York u....

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