According to the Primary Mortgage Market Survey (PMMS) released by Freddie Mac, rates on both 30-year and 15-year mortgages are down from one week ago, and for the third-week consecutively.
For the week ending September 7, the 30-year fixed-rate mortgage averaged 3.78 percent—down from the previous week’s average of 3.82 percent, but up from the same time last year, when rates averaged 3.44 percent.
"The 10-year Treasury yield fell nine basis points this week, reaching a new 2017-low for a second consecutive week,” said Sean Becketti, Chief Economist, Freddie Mac. “The 30-year mortgage rate followed, dropping 4 basis points to a year-to-date low of 3.78 percent."
Rates on 15-year mortgages were also down from the previous week, averaging 3.08 percent, versus last week’s rates of 3.12 percent. The average 15-year mortgage rate this time last year was 2.76 percent.
The average rate on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was up this week, increasing from 3.14 percent to 3.15 percent. In 2016, the five-year ARM rate was about 2.81 percent.
Freddie Mac has provided mortgage market data via the PMMS since 1971. Released every Thursday, the report uses survey data collected weekly on FRM and ARM loans. To see data from this week’s PMMS or others from this year, visit FreddieMac.com.