Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down slightly following the release of real GDP estimates for the first quarter.
- 30-year fixed-rate mortgage (FRM) averaged 4.29 percent with an average 0.7 point for the week ending May 1, 2014, down from last week when it averaged 4.33 percent. A year ago at this time, the 30-year FRM averaged 3.35 percent.
- 15-year FRM this week averaged 3.38 percent with an average 0.6 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.56 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 2.56 percent.
- 1-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.5 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.56 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 down slightly following the release of real GDP estimates for the first quarter of the year which rose 0.1 percent and fell well short of market expectations. Meanwhile, the pending home sales index rose in March ending eight consecutive months of decline and the S&P/Case-Shiller® 20-city composite house price index rose 12.9 percent over the 12-months ending in February 2014.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.