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Fixed Mortgage Rates Remain Steady

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Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing that last week’s average fixed mortgage rates largely flat compared to the previous week amid light economic reports.

“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 down to -1.0 percent growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May.”

The 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 point for the week ending June 5, 2014, up from the last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 3.91 percent.

Results show that that 15-year FRM averaged 3.23 percent with an average 0.5 point, up from the last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.03 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent week with an average 0.4 point, down from the last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.74 percent.

Additionally, the 1-year Treasury-indexed ARM averaged 2.40 percent with an average 0.4 point, down from the previous week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.58 percent.

For more information, visit www.FreddieMac.com.

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