Fixed Mortgage Rates Largely Flat
June 05 2014 - 10:00AM
Marketwired
Fixed Mortgage Rates Largely Flat
MCLEAN, VA--(Marketwired - Jun 5, 2014) - Freddie Mac
(OTCQB: FMCC) today released the results of its Primary Mortgage
Market Survey® (PMMS®), showing average fixed mortgage rates
largely flat compared to the previous week amid light economic
reports.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an
average 0.5 point for the week ending June 5, 2014, up from last
week when it averaged 4.12 percent. A year ago at this time, the
30-year FRM averaged 3.91 percent.
- 15-year FRM this week averaged 3.23 percent with an average 0.5
point, up from last week when it averaged 3.21 percent. A year ago
at this time, the 15-year FRM averaged 3.03 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.93 percent this week with an average 0.4 point, down
from last week when it averaged 2.96 percent. A year ago, the
5-year ARM averaged 2.74 percent.
- 1-year Treasury-indexed ARM averaged 2.40 percent this week
with an average 0.4 point, down from last week when it averaged
2.41 percent. At this time last year, the 1-year ARM averaged 2.58
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 were little changed amid a week of light
economic reports. Of the few releases, real GDP was revised down to
-1.0 percent growth in the first quarter of 2014. ADP Research
Institute estimated the private sector added 179,000 jobs in May,
which followed a slight downward revision of 5,000 jobs in April.
Meanwhile, the Institute for Supply Management reported the
manufacturing industry saw a slight acceleration in monthly growth
for May."
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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