FREDDIE MAC: Fixed Mortgage Rates Tick Up

Special to HNN from a Provided Press Release

 Freddie Mac (OTCQB: FMCC) on Thursday, Feb. 20, 2014  released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up slightly for the second week in a row.

"Mortgage rates crept up further following the uptick in the 10-year Treasury yield as minutes of the Federal Reserve's last meeting indicated little possibility of a pause in the central bank's reduction of bond purchases," said Frank Nothaft, Freddie's vice president and chief economist. "Housing starts in January fell 16 percent to a seasonally adjusted annual rate of 888,000 units, below consensus forecast. Permits [PDF] were at a seasonally adjusted annual rate of 937,000 in January, also below consensus."

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.7 point for the week ending February 20, 2014, up from last week when it averaged 4.28 percent. A year ago at this time, the 30-year FRM averaged 3.56 percent.
  • 15-year FRM this week averaged 3.35 percent with an average 0.7 point, up from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent this week with an average 0.5 point, up from last week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.64 percent.
  • 1-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.3 point, up from last week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.65 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

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