Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates easing slightly for the third consecutive week to remain at a six-month low.
“Mortgage rates were little changed amid a week of light economic reports,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “These lower than expected rates are welcome news with the spring home-buying season underway and may even provide those who haven’t already refinanced a reason to take another look. Of the few releases, advanced retail sales rose 0.1 percent in April, but below the market forecast consensus of a 0.4 percent increase. Also, the Producer Price Index for final demand rose 0.6 percent in April, which followed a 0.5 percent boost from the prior month.”
The 30-year fixed-rate mortgage (FRM) averaged 4.20 percent with an average 0.6 point for the week ending May 15, 2014, down from the previous week when it averaged 4.21 percent. A year ago at this time, the 30-year FRM averaged 3.51 percent.
Additionally, the 15-year FRM this week averaged 3.29 percent with an average 0.6 point, down from the previous week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.69 percent.
Results show that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.4 point, down from the previous week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.62 percent.
The 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.5 point, unchanged from the previous week. At this time last year, the 1-year ARM averaged 2.55 percent.
For more information, visit www.FreddieMac.com.