Weekly mortgage rates, monitored by Freddie Mac’s Primary Mortgage Market Survey (PMMS), for 30 year fixed rate mortgages average 5.07 percent for the week ending September 10th. This is a small dip from last week's 5.08 percent. 30 year fixed rate mortgages averaged 5.93 percent the same time last year.
The 15-year fixed rate mortgage this week averaged 4.50 percent with an average 0.7 point, down from last week when it averaged 4.54 percent. A year ago at this time, the 15-year fixed rate mortgage averaged 5.54 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.51 percent this week, with an average 0.5 point, down from last week when it averaged 4.59 percent. A year ago, the 5-year adjustable-rate mortgages averaged 5.87 percent.
One-year Treasury-indexed adjustable-rate mortgages averaged 4.64 percent this week with an average 0.6 point, down from last week when it averaged 4.62 percent. At this time last year, the 1-year adjustable-rate mortgage averaged 5.21 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
“Mortgage rates remained historically low over the past two weeks, keeping housing very affordable,” said Frank Nothaft, Freddie Mac vice president and chief economist. “As a result, mortgage applications leapt 17 percent over the week ending September 4, led by a 23 percent jump in refinancing demand, according the Mortgage Bankers Association. In fact, nearly three out of five applications were for refinancing current loans.
“While the economy lost 216,000 jobs during August, it was the smallest monthly job loss since August 2008. This and the Federal Reserve’s latest “Beige Book” suggest that the economy may be on the road to recovery. Based on information up through late August, most Federal Reserve Bank districts noted that their business contacts remained cautiously positive that economic activity was stabilizing in July and August. Two out of the 12 districts also indicated that local house prices were firming.”
