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Fixed Mortgage Rates Continue to Seesaw

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Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down slightly following the release of real GDP estimates for the first quarter.

“Mortgage rates were down slightly following the release of real GDP estimates for the first quarter of the year which rose 0.1 percent and fell well short of market expectations,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Meanwhile, the pending home sales index rose in March ending eight consecutive months of decline and the S&P/Case-Shiller® 20-city composite house price index rose 12.9 percent over the 12-months ending in February 2014.”

The 30-year fixed-rate mortgage (FRM) averaged 4.29 percent with an average 0.7 point for the week ending May 1, 2014, down from last week when it averaged 4.33 percent. A year ago at this time, the 30-year FRM averaged 3.35 percent.

Additionally, the 15-year FRM this week averaged 3.38 percent with an average 0.6 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.56 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 2.56 percent.

Results show that the 1-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.5 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.56 percent.

For more information, visit FreddieMac.com.

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