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Mary Mastroeni
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Mortgage Rates Hold Steady

November 20, 2015 2:40 pm

Average fixed mortgage rates remain largely unchanged as analyst expectations turned from world events to the Federal Open Market Committee’s (FOMC) October minutes, Freddie Mac recently reported. According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®), the 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.6 point; the 15-year FRM averaged 3.18 percent with an average 0.5 point.

"Treasury yields stabilized about 5 basis points below last week's level as the market shrugged off economic data and world events and turned its attention to the minutes of the October FOMC meeting,” says Freddie Mac Chief Economist Sean Becketti. “In response, the 30-year mortgage rate ticked down a basis point to 3.97 percent. The FOMC minutes were couched in careful Fed-speak, and early market reaction was mixed, with most analysts reading their own expectations into the minutes."

Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent with an average 0.5 point, and the 1-year Treasury-indexed ARM averaged 2.64 percent with an average 0.3 point.

Source: Freddie Mac

Published with permission from RISMedia.

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