This Week's Mortgage Rate Survey Results
Government mortgage agency Freddie Mac surveys more than 100 lenders about their current rates each week, and publishes its results.
The group's Primary Mortgage Market Survey releases each Thursday at 10:00 AM ET.
In the most recent report, interest rates were shown as:
- 30-year fixed-rate: 2.67 percent
- 15-year fixed-rate: 2.21 percent
- 5-year ARM: 2.79 percent
These aren't real mortgage rates, though. They’re an average based on basic assumptions.
The first assumption is that the borrower is a home buyer. The second assumption is that the buyer wants to pay additional fees to access lower mortgage rates.
The survey also assumes:
- The buyer is making a twenty percent down payment
- The buyer has a top-tier credit rating
- The buyer is purchasing a detached home (i.e. not a condo or 2-4 unit home)
Furthermore, it assumes that the buyer will use a 30-year fixed rate mortgage to purchase the home, and will take possession within a month.
This is a lot of assumptions!
For argument’s sake, though, let’s say you happen to meet the Freddie Mac survey criteria. The rates still don’t apply because mortgage rates vary by state. Interest rates are different in Florida and Texas, but the survey lumps all 50 states into one.
More than a dozen factors go into your interest rates, so when you’re ready for an actual rate quote, get a quote from a lender that's real.
Ask us your mortgage rate questions in the chatbox. We're here to help.