Freddie Mac’s Primary Mortgage Market Survey was published this morning, and they found that mortgage rates declined across the board.
The average rate on a 30-year fixed rate mortgage declined to 4.80% from 4.91%. 15-year fixed rate mortgages declined 11 basis points to 4.02%. The average rate on 5/1 ARMs dropped from 3.78% to 3.61%. One year ARMs fell from 3.25% to 3.16%.
The decline in mortgage rates comes despite S&P’s warning about a possible future downgrade of U.S. credit. There was no real appreciable movement in the bond market after S&P’s announcement. Mortgage rates have see-sawed back and forth between about 4.70% and 5.00% for most of the year. This comes after a sharp rise in rates last winter after they hit an all-time low in October.
Total Mortgage has been bringing borrowers some of the lowest mortgage rates in the industry since our inception in 1997. We consistently beat the national average while providing exceptional customer service while advocating for responsible lending. To learn more about our rates or products, call one of our licensed loan officers today at 877-868-2503.
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