Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates little changed as we head into the final days of the year.
The 30-year fixed-rate mortgage (FRM) averaged 4.48 percent with an average 0.7 point for the week ending December 26, 2013, up from last week when it averaged 4.47 percent. A year ago at this time, the 30-year FRM averaged 3.35 percent.
Additionally, the 15-year FRM this week averaged 3.52 percent with an average 0.7 point, up from last week when it averaged 3.51 percent. A year ago at this time, the 15-year FRM averaged 2.65 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.00 percent this week with an average 0.4 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.70 percent.
Results show that the 1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, down from last week when it averaged 2.57 percent. At this time last year, the 1-year ARM averaged 2.56 percent.
“Mortgage rates were little changed this week following mixed economic reports,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Real GDP was revised upwards to 4.1 percent growth in the third quarter of this year. However, existing-home sales dropped 4.3 percent to a seasonally adjusted annual rate of 4,900,000 in November. Also, new home sales fell 2.1 percent to a seasonally adjusted annual rate of 464,000.”
For more information please visit www.FreddieMac.com.
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com