Mortgage Rates Continue to Drop
MCLEAN, Va., Jan. 30, 2020 (GLOBE NEWSWIRE) -- (OTCQB: FMCC) today released the results of its (PMMS®), showing that the 30-year fixed-rate mortgage dropped by 9 basis points.
“This week’s mortgage rates were the second lowest in three years, supporting homebuyer demand and leading to higher refinancing activity,” said Sam Khater, Freddie Mac’s Chief Economist. “Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to spend or save.”
News Facts
- averaged 3.51 percent with an average 0.7 point for the week ending January 30, 2020, down from last week when it averaged 3.60 percent. A year ago at this time, the 30-year FRM averaged 4.46 percent.
- averaged 3.00 percent with an average 0.7 point, down from last week when it averaged 3.04 percent. A year ago at this time, the 15-year FRM averaged 3.89 percent.
- (ARM) averaged 3.24 percent with an average 0.3 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 5-year ARM averaged 3.96 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the . Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at , Twitter and Freddie Mac’s blog .
MEDIA CONTACT:
Angela Waugaman
703-714-0644
A photo accompanying this announcement is available at
