FREDDIE MAC: Mortgage Rates Little Changed Heading into Holiday Weekend

FREDDIE MAC: Mortgage Rates Little Changed Heading into Holiday Weekend

Freddie Mac (OTCQB: FMCC) on Thursday, July 3, 2014 released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage unchanged or easing slightly lower. Fixed mortgage rates remain lower this week than at the same time last year.

"Mortgage rates were little changed from the previous week and remain below levels seen the same time last year, which should provide some help with homebuyer affordability in many markets," said Frank Nothaft, Freddie Mac's vice president and chief economist. "Recent housing data was better with pending home sales up 6.1 percent in May and overall construction spending [PDF] showing a slight improvement with private residential spending now up 7.5 percent on yearly basis."

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending July 3, 2014, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 4.29 percent.
  • 15-year FRM this week averaged 3.22 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.39 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.10 percent.
  • 1-year Treasury-indexed ARM averaged 2.38 percent this week with an average 0.4 point, down from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.66 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.

 Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.

Comments powered by Disqus