Mortgage Rates Rise for Labor Day
Mortgage rates moved slightly higher just before Labor Day, according to Freddie Mac’s most recent Primary Mortgage Market Survey® (PMMS®). As September begins, rates remain near their all-time record lows.
The 30-year fixed-rate mortgage (FRM) averaged 3.46 percent with an average 0.5 point for the week ending September 1, 2016, up from last week when it averaged 3.43 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent.
The 15-year FRM this week averaged 2.77 percent with an average 0.5 point, up from last week when it averaged 2.74 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.4 point, up from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 2.90 percent.
“The 10-year Treasury yield inched up in response to Fed Chair Janet Yellen’s speech, then settled near last week’s average,” says Sean Becketti, chief economist with Freddie Mac. The 30-year fixed-rate mortgage rose 3 basis points to 3.46 percent. Mortgage rates have hovered between 3.41 and 3.48 percent for the past ten weeks.”
For more information, visit www.FreddieMac.com.
Source: FTNJ