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Browse the siteJanuary 02 2017
MCLEAN, VA--(Dec 29, 2016) - Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher for the ninth consecutive week. Despite the recent jump in mortgage rates since the election, the annual average for the 30-year fixed-rate mortgage was 3.65 percent in 2016, the lowest annual average ever recorded in the Freddie Mac PMMS going back to 1971.
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.
"On a short week following the Christmas holiday, the 10-year Treasury yield was relatively unchanged," says Sean Becketti, chief economist, Freddie Mac. "The 30-year mortgage rate rose 2 basis points to 4.32 percent, closing the year with nine consecutive weeks of increases. As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com.