According to the Freddie Mac’s Primary Mortgage Market Survey® (PMMS®), mortgage rates fell for the fourth consecutive week while Fed held interest rates steady at its FOMC meeting on Wednesday.
30-year fixed-rate mortgage (FRM) rate fell to 3.79 percent for the week ending January 28, 2016, down from last week when it averaged 3.81 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
15-year FRM this week averaged 3.07 percent with an average 0.5 point, down from 3.10 percent last week. A year ago at this time, the 15-year FRM averaged 2.98 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week with an average 0.5 point, down from last week when it averaged 2.91 percent. A year ago, the 5-year ARM averaged 2.86 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.