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Fixed Mortgage Rates Near Seven Month Low

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mortgage_rate_chartFreddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower for the fourth consecutive week with fixed mortgage rates hitting new lows for this year.

“Mortgage rates continued to decline this week as industrial production slipped by 0.6 percent in April, below the market consensus forecast,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Meanwhile, housing starts jumped 13 percent in April to a seasonally adjusted annual rate of 1,072,000 units, well above expectations. Permits rose to a seasonally adjusted annual rate of 1,080,000 in April, also above expectations.”

The 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.6 point for the week ending May 22, 2014, down from the previous week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.

The 15-year FRM this week averaged 3.25 percent with an average 0.5 point, down from the previous week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
Results show that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.4 point, down from the previous week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.63 percent.

For more information, visitFreddieMac.com.

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