The recently released Freddie Mac's Primary Mortgage Market Survey (PMMS) showed that the mortgage rate mixed with the 30-year fixed rate falls down to four percent. This will be good news to borrowers for there would be less to pay to the lenders. However, the borrowers may still have to pay the closing costs, which were not reflected in the survey results.
Freddie Mac chief executive Sean Becketti mentions, "Concerns about overseas economic developments have dominated financial markets to start the year. U.S. Treasury bond yields fell amidst a global equity selloff and flight to safety. In response, the 30-year mortgage rate dipped 4 basis points to 3.97 percent."
In the survey results from Freddie Mac, the 30-year fixed rate mortgage (FRM) has an average of 3.97 percent and an average of 0.6 prior to the January 7. The week before that, the average was 4.01 percent. Early last year, quite similarly, the average was recorded to be 3.73 percent.
Moreover, the 15-year FRM had an average of 3.26 percent last week which rose from the 3.24 percent the week before that. One year ago, this FRM had an average of 3.05 percent.
The survey also shows that residents who live in Paradise are more likely to move to the Beaver State. The top five states that recorded the highest number of outbound moves according to the recent migration patterns by Atlas Van lines are Hawaii, New York, South Dakota, Wyoming, and Illinois.
Oregon has recorded the highest inbound moves followed by North Carolina, North Dakota, Alaska, and Idaho. Atlas notes that more Americans migrated in 2015 compared to the year 2014.
The congress established Freddie Mac in 1970. The aim of this establishment is to provide liquidity, stability and affordability that reflect the residential mortgage market of the nation.
The organization also provides mortgage capital to its lenders to aid and support the different communities. Freddie Mac is also one of the largest financing sources for multifamily housing.
