Fixed Mortgage Rates Move Lower Again
Article by Freddie Mac; Press Release January 30, 2014
Fixed Mortgage Rates Move Lower Again – MCLEAN, VA–(Marketwired – Jan 30, 2014) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates lower again this week following the release of weaker housing data.
- 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.7 point for the week ending January 30, 2014, down from last week when it averaged 4.39 percent. A year ago at this time, the 30-year FRM averaged 3.53 percent.
- 15-year FRM this week averaged 3.40 percent with an average 0.6 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.5 point, down from last week when it averaged 3.15 percent. A year ago, the 5-year ARM averaged 2.70 percent.
- 1-year Treasury-indexed ARM averaged 2.55 percent this week with an average 0.4 point, up from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.59 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 links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Quotes: Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac. “Mortgage rates eased somewhat as new home sales [PDF] fell 7 percent in December to a seasonally adjusted pace of 414,000 units, below the consensus. The S&P/Case-Shiller® 20-city composite house price index [PDF] declined 0.1 percent for the month of November, the first decrease since November 2012.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit http://www.FreddieMac.com and Twitter: @FreddieMac.
Source: Freddie Mac, Press Release 013014 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee