FREDDIE MAC: Mortgage Rates Mixed

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 Thursday, August 7, 2014 - 11:49 By David M. Kinchen Huntingtonnews.net Real Estate Writer
FREDDIE MAC: Mortgage Rates Mixed

Freddie Mac (OTCQB: FMCC) on Thursday, Aug. 7, 2014 released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving slightly higher while remaining near their year's lows over the past month.

"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, ISM non-manufacturing index rose to 58.7 in July from 56.0 a month earlier. Also, factory orders [PDF] were up 1.1 percent in June. The two reports signal steady economic growth in the third quarter of the year."  

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.7 point for the week ending August 7, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.40 percent. 

  • 15-year FRM this week averaged 3.27 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 3.43 percent. 

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 3.19 percent.

  • 1-year Treasury-indexed ARM averaged 2.35 percent this week with an average 0.5 point, down from last week when it averaged 2.38 percent. 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.