FREDDIE MAC: Mortgage Rates Continue to Rise

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FREDDIE MAC: Mortgage Rates Continue to Rise

Freddie Mac (OTCQB: FMCC) on Thursday, June 12, 2014  released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following Treasury yields higher and coming off the May jobs report, which largely met forecast expectations.

"Mortgage rates continued to climb for the second week in a row following the increase in 10-year Treasury yields," said Frank Nothaft, Freddie Mac's vice president and chief economist. "Also, the economy added 217,000 jobs in May, following a 282,000 surge in April and a 203,000 increase in March. Meanwhile, the unemployment rate in May held steady at 6.3 percent."

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.20 percent with an average 0.6 point for the week ending June 12, 2014, up from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent. 
  • 15-year FRM this week averaged 3.31 percent with an average 0.5 point, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.79 percent.
  • 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.58 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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