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FREDDIE MAC: Fixed Mortgage Rates Relatively Flat
"Mortgage rates were little changed amid a week of light economic reports," said Frank Nothaft, Freddie Mac's vice president and chief economist. "Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013. The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February according to the ADP Research Institute. Also, the Institute for Supply Management reported the manufacturing industry rebounded from a soft February but was still below market consensus."
- 30-year fixed-rate mortgage (FRM) averaged 4.41 percent with an average 0.7 point for the week ending April 3, 2014, up from last week when it averaged 4.40 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
- 15-year FRM this week averaged 3.47 percent with an average 0.6 point, up from last week when it averaged 3.42 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.5 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.65 percent.
- 1-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.63 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.