Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage once again showing very little change while remaining near their 2014 lows prior to a better than expected second quarter gross domestic product reading.
- 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.6 point for the week ending July 31, 2014, down from last week when it averaged 4.13 percent. A year ago at this time, the 30-year FRM averaged 4.39 percent.
- 15-year FRM this week averaged 3.23 percent with an average 0.7 point, down from last week when it averaged 3.26 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 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.18 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 2.39 percent. At this time last year, the 1-year ARM averaged 2.64 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.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Mortgage rates were little changed this week with the 30-year fixed-rate mortgage rate at 4.12 percent, just a basis point lower from the previous week. Meanwhile, on Wednesday afternoon the yield on the 10-year Treasury surged as data showed gross domestic product for the second quarter at a 4.0 percent annualized rate, above expectations.”