The 30-year fixed-rate mortgage rate remains steady within the 4 percent range according to the latest Primary Mortgage Market Survey (PMMS) by Freddie Mac. The hold is attributed to the mixed economic reports in the past few weeks.
An increase of 8 basis points were recorded for the 10-year Treasury yield while the 30-year rate marched up by 3 basis points.
- The 30-year FRM concluded with an average of 4.05 percent in the week ending May 11, up compared to the previous week which finished at 4.02 percent. A year ago, the FRM average was at 3.57 percent.
- The 15-year fixed-rate mortgage averaged 3.29 percent, also a slight increase from last week’s 3.27 percent record, and significantly from last year’s 2.81 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage concluded with a median percentage of 3.14 from last week’s 3.13 percent. During the same time last year, the week averaged at 2.78 percent.
The Primary Mortgage Market Survey® was established in April 1971 as the foremost source of mortgage trends in the regional and national level. Its data is utilized by both the public and the mortgage industry at large to gauge market conditions and evaluate mortgage loan options.
The survey results are gathered based on lenders’ most popular mortgage products – inclusive of 30 and 15-year FRMs as well as adjustable-rate mortgages. The first-lien prime conventional conforming home purchase mortgages (with an LTV of 80 percent) are considered primary basis for the survey. Meanwhile, the U.S. Treasury yields are used to index ARMs. Lenders are asked to provide the a) initial coupon rate and points, as well as b) ARM margins for this purpose.