Fixed Mortgage Rates at Six Week Low
April 17 2014 - 10:00AM
Marketwired
Fixed Mortgage Rates at Six Week Low
MCLEAN, VA--(Marketwired - Apr 17, 2014) - Freddie Mac (OTCQB:
FMCC) today released the results of its Primary Mortgage Market
Survey® (PMMS®), showing average fixed mortgage rates easing
further for the second consecutive week helping to increase
home buyer affordability at the onset of the spring home buying
season.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.27 percent with an
average 0.7 point for the week ending April 17, 2014, down from
last week when it averaged 4.34 percent. A year ago at this time,
the 30-year FRM averaged 3.41 percent.
- 15-year FRM this week averaged 3.33 percent with an average 0.6
point, down from last week when it averaged 3.38 percent. A year
ago at this time, the 15-year FRM averaged 2.64 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 3.03 percent this week with an average 0.5 point, down
from last week when it averaged 3.09 percent. A year ago, the
5-year ARM averaged 2.60 percent.
- 1-year Treasury-indexed ARM averaged 2.44 percent this week
with an average 0.5 point, up from last week when it averaged 2.41
percent. At this time last year, the 1-year ARM averaged 2.63
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 continued to ease this week as housing starts
rose 2.8 percent in March but not as much as expected. Also,
permits fell 2.4 percent in March to a seasonally adjusted annual
rate of 990,000, which followed a slight downward revision of 4,000
permits in February."
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. Additional information is available at
FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog
FreddieMac.com/blog.
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