Average fixed mortgage rates in the U.S. declined in the latest
week, returning to near their lows for the year, according to
mortgage-finance company Freddie Mac (FMCC).
"Fixed mortgage rates were down on a week filled with bleak
forward projections from the Federal Reserve and concern over
growth in Europe," Freddie Mac Chief Economist Frank Nothaft stated
Thursday.
"Despite gloomy vernacular from the Fed, mortgage purchase
applications were up 2% on the week and the labor market added
248,000 jobs, beating expectations and lowering headline
unemployment to 5.9%."
For the week ended Thursday, the 30-year fixed-rate mortgage
averaged 4.12%, compared with 4.19% a week earlier and 4.23% a year
earlier. Rates on 15-year fixed-rate mortgages averaged 3.3%,
compared with 3.36% the previous week and 3.31% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, were at 3.05%, compared with 3.06% the previous
week and 3.05% a year earlier. One-year Treasury-indexed ARM rates
on average were 2.42%, unchanged from the previous week and down
from 2.64% a year earlier.
Write to Tess Stynes at tess.stynes@wsj.com
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