MORTGAGE RATES 6

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving lower for the fifth consecutive week amid ongoing market volatility.According to the Freddie Mac, the average 30-year fixed is at its lowest point since the week of April 30, 2015 when it averaged 3.68 percent.

30-year fixed-rate mortgage (FRM) averaged 3.72 percent with an average 0.6 point for the week ending February 4, 2016, down from last week when it averaged 3.79 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.

15-year FRM this week averaged 3.01 percent with an average 0.5 point, down from 3.07 percent last week. A year ago at this time, the 15-year FRM averaged 2.92 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week with an average 0.4 point, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 2.82 percent.

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

Source: http://www.freddiemac.com/

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