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Mortgage Rates Remain Low Despite Boston Values Skyrocketing

 Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate declining for the third consecutive week on disappointing national manufacturing data. While many cities and towns across the country seem to still be feeling parts of the recession, Boston’s economy (and as a result our home values) seem to be flourishing. The consistency in low mortgage rates are allowing Boston borrowers to also pull equity from their homes and make improvements and repairs.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.6 point for the week ending December 3, 2015, down from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent. 
  • 15-year FRM this week averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.94 percent.
  • 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.3 point, up from 2.59 percent last week. At this time last year, the 1-year ARM averaged 2.41 percent. 

Would you like to speak with a mortgage broker about buying a home or refinancing an existing mortgage? Call us at 617-297-8641 to be connected with some of the best home loan professionals in the city!