Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up slightly for the second week in a row.
“Mortgage rates crept up further following the uptick in the 10-year Treasury yield as minutes of the Federal Reserve’s last meeting indicated little possibility of a pause in the central bank’s reduction of bond purchases,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Housing starts in January fell 16 percent to a seasonally adjusted annual rate of 888,000 units, below consensus forecast. Permits were at a seasonally adjusted annual rate of 937,000 in January, also below consensus.”
According to the survey, 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.7 point for the week ending February 20, 2014, up from the previous week when it averaged 4.28 percent. A year ago at this time, the 30-year FRM averaged 3.56 percent.
Results reveal that the 15-year FRM averaged 3.35 percent with an average 0.7 point, up from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent with an average 0.5 point, up from the week prior when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.64 percent.
Survey shows that the 1-year Treasury-indexed ARM averaged 2.57 percent with an average 0.3 point, up from the previous week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.65 percent.
For more information, visit www.FreddieMac.com.
Copyright© 2016 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