Mortgage Rates Exceed Five Percent
As per Freddie Mac’s Primary Mortgage Market Survey (PMMS), mortgage rates increased for the 7th consecutive week.
30 Year Fixed Rate Mortgage = 5.11% (0.8 fees/points)
15 Year Fixed Rate Mortgage = 4.38% (0.8 fees/points)
5/1 Year Adjustable Rate Mortgage = 3.75% (0.8 fees/points)
Freddie Mac’s PMMS is the longest running weekly survey of mortgage rates in the US. PMMS is a primary market survey, which means it does not use data on loans purchased or funded by Freddie Mac, but rather surveys originators across the country and across different types of lending institutions and estimates what a typical customer might see if they shopped around for mortgage rates. PMMS simply provides a national (not regional) average and focuses on conventional, conforming fully-amortizing home purchase loans for borrowers who put 20% down and have excellent credit.