Fixed Mortgage Rates Near Seven Month Low Heading Into Memorial Day Weekend
May 22 2014 - 10:00AM
Marketwired
Fixed Mortgage Rates Near Seven Month Low Heading Into Memorial Day
Weekend
MCLEAN, VA--(Marketwired - May 22, 2014) - Freddie Mac (OTCQB:
FMCC) today released the results of its Primary Mortgage Market
Survey® (PMMS®), showing average fixed mortgage rates moving lower
for the fourth consecutive week with fixed mortgage rates hitting
new lows for this year.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an
average 0.6 point for the week ending May 22, 2014, down from last
week when it averaged 4.20 percent. A year ago at this time, the
30-year FRM averaged 3.59 percent.
- 15-year FRM this week averaged 3.25 percent with an average 0.5
point, down from last week when it averaged 3.29 percent. A year
ago at this time, the 15-year FRM averaged 2.77 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.96 percent this week with an average 0.4 point, down
from last week when it averaged 3.01 percent. A year ago, the
5-year ARM averaged 2.63 percent.
- 1-year Treasury-indexed ARM averaged 2.43 percent this week
with an average 0.4 point, unchanged from last week. At this time
last year, the 1-year ARM averaged 2.55 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 decline this week as industrial
production slipped by 0.6 percent in April, below the market
consensus forecast. Meanwhile, housing starts jumped 13 percent in
April to a seasonally adjusted annual rate of 1,072,000 units, well
above expectations. Permits rose to a seasonally adjusted annual
rate of 1,080,000 in April, also above expectations."
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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