Fixed Mortgage Rates Move Higher
June 12 2014 - 10:00AM
Marketwired
Fixed Mortgage Rates Move Higher
MCLEAN, VA--(Marketwired - Jun 12, 2014) - Freddie Mac (OTCQB:
FMCC) today released the results of its Primary Mortgage Market
Survey® (PMMS®), showing average fixed mortgage rates following
Treasury yields higher and coming off the May jobs report,
which largely met forecast expectations.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.20 percent with an
average 0.6 point for the week ending June 12, 2014, up from last
week when it averaged 4.14 percent. A year ago at this time, the
30-year FRM averaged 3.98 percent.
- 15-year FRM this week averaged 3.31 percent with an average 0.5
point, up from last week when it averaged 3.23 percent. A year ago
at this time, the 15-year FRM averaged 3.10 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 3.05 percent this week with an average 0.4 point, up from
last week when it averaged 2.93 percent. A year ago, the 5-year ARM
averaged 2.79 percent.
- 1-year Treasury-indexed ARM averaged 2.40 percent this week
with an average 0.4 point, unchanged from last week. 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 continued to climb for the second week in a row
following the increase in 10-year Treasury yields. Also, the
economy added 217,000 jobs in May, following a 282,000 surge in
April and a 203,000 increase in March. Meanwhile, the unemployment
rate in May held steady at 6.3 percent."
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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