According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average 30-year fixed mortgage rate declining for the third consecutive week on disappointing manufacturing data.
Sean Becketti, chief economist at Freddie Mac said, "Treasury yields ticked down 3 basis points after weak manufacturing data. In response, the 30-year mortgage rate dropped 2 basis points to 3.93 percent. After the survey closed, Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday's jobs report, the last significant release prior to the FOMC's meeting."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.6 point for the week ending December 3, 2015, down from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent.
15-year FRM this week averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.94 percent.
1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.3 point, up from 2.59 percent last week. At this time last year, the 1-year ARM averaged 2.41 percent.