FREDDIE MAC: Fixed Mortgage Rates Increase on Soft Housing Data

FREDDIE MAC: Fixed Mortgage Rates Increase on Soft Housing Data

 Freddie Mac (OTCQB: FMCC) on Thursday, April 24, 2014 released the results of its Primary Mortgage Market Survey  (PMMS), showing average fixed mortgage rates following an uptick in the 10-year treasury note and amid a week of soft housing data. 

"Mortgage rates edged up following the uptick in the 10-year Treasury note late last week," said Frank Nothaft, Freddie's vice president and chief economist. "Existing home sales were essentially flat with a 0.2 percent decline in March to a seasonally adjusted annual rate of 4.59 million. However, new home sales fell nearly 15 percent in March to an annual rate of 384,000, well below consensus."

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.6 point for the week ending April 24, 2014, up from last week when it averaged 4.27 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent. 
  • 15-year FRM this week averaged 3.39 percent with an average 0.6 point, up from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 2.61 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.58 percent.
  • 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.62 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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