FREDDIE MAC: Mortgage Rates Remain Near Year's Low

FREDDIE MAC: Mortgage Rates Remain Near Year's Low

Freddie Mac (OTCQB: FMCC) on Thursday, July 24, 2014 released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely flat for the week, remaining just above their lows for 2014 and helping to support homebuyer affordability.

"Mortgage rates were little changed for the week with the 30-year fixed-rate mortgage remaining unchanged," said Frank Nothaft, Freddie Mac's vice president and chief economist. "Meanwhile, we received some good news on housing with existing home sales climbing 2.6 percent to a seasonally adjusted annual rate of 5.04 million in June, the highest pace since October 2013."

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.13 percent with an average 0.6 point for the week ending July 24, 2014, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.31 percent. 
  • 15-year FRM this week averaged 3.26 percent with an average 0.6 point, up from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.16 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, unchanged from last week. 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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