Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates easing slightly for the third consecutive week to remain at a six month low.
- 30-year fixed-rate mortgage (FRM) averaged 4.20 percent with an average 0.6 point for the week ending May 15, 2014, down from last week when it averaged 4.21 percent. A year ago at this time, the 30-year FRM averaged 3.51 percent.
- 15-year FRM this week averaged 3.29 percent with an average 0.6 point, down from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.69 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.4 point, down from last week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.62 percent.
- 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.55 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 amid a week of light economic reports. These lower than expected rates are welcome news with the spring home buying season underway and may even provide those who haven’t already refinanced possibly a reason to take another look. Of the few releases, advanced retail sales rose 0.1 percent in April, but below the market forecast consensus of a 0.4 percent increase. Also, the Producer Price Index for final demand rose 0.6 percent in April which followed a 0.5 percent boost from the prior month.”