Freddie Mac: Mortgage Rates Decrease in September 26th Report

Freddie Mac released the results of its Primary Mortgage Market Survey^® (“PMMS”^®), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 3.64 percent. September has been the most volatile month since March, in terms of the 30-year fixed-rate mortgage, averaging a weekly movement of 11 basis points.

Sam Khater, Freddie Mac’s Chief Economist, says, “With both the unemployment rate and mortgage rate below four percent and near historic lows, it is no surprise that the housing market regained momentum with home sales and construction at or near decade highs. The fall housing market is poised to continue with steady gains in prices and solid sales activity.”

News Facts

– 30-year fixed-rate mortgage averaged 3.64 percent with an average 0.6 point for the week ending September 26, 2019, down from last week when it averaged 3.73 percent. A year ago at this time, the 30-year FRM averaged 4.72 percent.

– 15-year fixed-rate mortgage averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 4.16 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (“ARM”) averaged 3.38 percent with an average 0.4 point, down from last week when it averaged 3.49 percent. A year ago at this time, the 5-year ARM averaged 3.97 percent.

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.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Contact:

Angela Waugaman – Angela_Waugaman@FreddieMac.com – (703) 714-4829

Source: Freddie Mac