Freddie Mac’s Prime Mortgage Market Survey (PMMS) was released this morning showing that mortgage rates dropped last week.
Freddie Mac’s PMMS rates are based on the average of conforming rates from the previous week with loan to value of 80% or less. The rates quoted do include some discount points and do not include closing cost. It’s important to note that these rates are from last week and that rates available today will most likely have a different price (similar as stocks). For current mortgage rates on homes located in Washington state, click here for a rate quote.
Quote from Ken Kiefer, Chief Deputy Economist:
“The 30-year mortgage rate is down a quarter of a percentage point from where it was a year ago and the spread between the 30-year fixed and 5/1 adjustable rate mortgage is the lowest since 2009. With the FOMC minutes showing continued support for gradual increases in policy rates from many participants and inflation rates remaining low, there isn’t much upward pressure on long-term rates at the moment. Whether that changes due to a tighter labor market and the economic impact of tax reform remains to be seen.”
If you’re considering buying or refinancing a home located anywhere in Washington state, where I’m licensed, I am happy to help you!