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Mortgage Rates Sink, Prompting Refis

September 12, 2016 1:27 am


Mortgage rates on average have moved lower, with the 30-year fixed-rate recently sinking to 3.44 percent, Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) reports.

“The 30-year fixed-rate mortgage fell two basis points to 3.44 percent [last] week,” Freddie Mac Chief Economist Sean Becketti says. “As mortgage rates continue to range between 3.41 and 3.48 percent, many are taking advantage of the historically low rates by refinancing. Since the Brexit vote, the refinance share of mortgage activity has remained above 60 percent.”

The 15-year fixed-rate (FRM), conversely, averages 2.76 percent with an average 0.5 point, according to the survey. The 5-year Treasury-indexed hybrid adjustable-rate averages 2.81 percent with an average 0.4 point. The 30-year FRM has an average 0.6 point.

Source: Freddie Mac
 

Published with permission from RISMedia.