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Fixed Mortgage Rates on Hold

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mortgage_rates_levelFreddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates relatively unchanged from last week.

The 30-year fixed-rate mortgage (FRM) averaged 4.41 percent with an average 0.7 point for the week ending April 3, 2014, up from the previous week when it averaged 4.40 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.

“Mortgage rates were little changed amid a week of light economic reports,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013. The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February according to the ADP Research Institute. Also, the Institute for Supply Management reported the manufacturing industry rebounded from a soft February but was still below market consensus.”

Additionally, the 15-year FRM averaged 3.47 percent with an average 0.6 point, up from the previous week when it averaged 3.42 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.

Results show that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.5 point, up from the previous week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.65 percent.

The 1-year Treasury-indexed ARM averaged 2.45 percent with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.63 percent.

For more information, visit www.FreddieMac.com.

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