Fixed Mortgage Rates Lower for Fifth Straight Week
May 29 2014 - 10:00AM
Marketwired
Fixed Mortgage Rates Lower for Fifth Straight Week
MCLEAN, VA--(Marketwired - May 29, 2014) - Freddie Mac (OTCQB:
FMCC) today released the results of its Primary Mortgage Market
Survey® (PMMS®), showing average fixed mortgage rates falling for
the fifth consecutive week and hitting new 2014 lows. The
average for the 30-year fixed-rate mortgage is at its lowest point
since the week of October 31, 2013.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an
average 0.6 point for the week ending May 29, 2014, down from last
week when it averaged 4.14 percent. A year ago at this time, the
30-year FRM averaged 3.81 percent.
- 15-year FRM this week averaged 3.21 percent with an average 0.5
point, down from last week when it averaged 3.25 percent. A year
ago at this time, the 15-year FRM averaged 2.98 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.96 percent this week with an average 0.3 point,
unchanged from last week. A year ago, the 5-year ARM averaged 2.66
percent.
- 1-year Treasury-indexed ARM averaged 2.41 percent this week
with an average 0.4 point, down from last week when it averaged
2.43 percent. At this time last year, the 1-year ARM averaged 2.54
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.
"Fixed mortgage rates eased a bit for the fifth consecutive week
as reports that existing home sales are up 1.3 percent but not as
much as expected. However, new home sales rose 6.4 percent in April
to a seasonally adjusted annual rate of 433,000, which followed an
upward revision of 11,000 units for the prior two months."
"Also, as the spring home buying season continues, we see
stronger consumer confidence as house prices remain on the rise.
The Conference Board reported that confidence among consumers rose
in May after dipping in April. Meanwhile, the S&P/Case-Shiller®
20-city composite index rose 0.9 percent in March, above the
consensus forecast."
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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