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Mortgage Rates Drop to Lowest of 2017

Mortgage Rates Drop to Lowest of 2017Mortgage Rates Drop to Lowest of 2017 Click here for high-resolution version

/EINPresswire.com/ -- MCLEAN, VA--(Marketwired - May 25, 2017) -  Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates hitting their lowest mark of the year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.5 point for the week ending May 25, 2017, down from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 3.64 percent.
  • 15-year FRM this week averaged 3.19 percent with an average 0.5 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.07 percent this week with an average 0.4 point, down from last week when it averaged 3.13 percent. A year ago at this time, the 5-year ARM averaged 2.87 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.

"As we predicted, the 30-year mortgage rate fell 7 basis points this week in a delayed reaction to last week's sharp drop in Treasury yields. The survey rate stands at 3.95 percent today, a new low for the year."

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.

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MEDIA CONTACT:
Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com