Fixed Mortgage Rates Lower Than Same Time Last Year
June 26 2014 - 10:00AM
Marketwired
Fixed Mortgage Rates Lower Than Same Time Last Year
MCLEAN, VA--(Marketwired - Jun 26, 2014) - Freddie Mac (OTCQB:
FMCC) today released the results of its Primary Mortgage Market
Survey® (PMMS®), showing average fixed mortgage rates moving lower
following the release of the first quarter real GDP final estimate.
Fixed mortgage rates are lower this week than at the same time last
year when Fed remarks spurred market speculation that it could
begin tapering its bond purchases causing mortgage rates to
spike.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an
average 0.5 point for the week ending June 26, 2014, down from last
week when it averaged 4.17 percent. A year ago at this time, the
30-year FRM averaged 4.46 percent.
- 15-year FRM this week averaged 3.22 percent with an average 0.5
point, down from last week when it averaged 3.30 percent. A year
ago at this time, the 15-year FRM averaged 3.50 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.98 percent this week with an average 0.3 point, down
from last week when it averaged 3.00 percent. A year ago, the
5-year ARM averaged 3.08 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 2.66
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 down following the release of first quarter
real GDP final estimate, which fell at a 2.9 percent annualized
rate, a steeper than expected decline and the worst reading since
the first quarter of 2009. Also, the seasonally-adjusted
S&P/Case-Shiller 20-city home price index was up only 0.2
percent in April from the previous month. On a year-over-year
basis, prices remained strong in April up 10.8 percent, but slower
than the 12.3 percent in March."
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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