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June 3, 2016 1:09 am
The average 30-year fixed-rate mortgage has ticked upward to 3.66 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®)—a sub-4-percent rate close to a three-year low point.
“Since jumping 11 basis points on May 18, the 10-year Treasury yield has leveled off around 1.85 percent,” explained Sean Becketti, Freddie Mac’s chief economist, in a statement. “Mortgage rates continue to adjust to this new level with the 30-year fixed-rate inching up another 2 basis points this week to 3.66 percent.”
The average 30-year fixed-rate mortgage has an average 0.5 point, survey findings show. The 15-year fixed-rate mortgage averaged 2.92 percent (with an average 0.5 point), and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88 percent (with an average 0.5 point).
“Recent statements by the Fed appear to have persuaded the market that a rate hike may come sooner than later,” continued Becketti. “However, the market is fickle, and [last] Friday’s employment report has the potential to swing opinion 180 degrees in the other direction.”
Source: Freddie Mac
Published with permission from RISMedia.
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