Fixed Mortgage Rates Slightly Down, Hover Near 2014 Lows
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates little changed from the previous week with the 30-year mortgage still hovering around 4 percent.
"Fixed mortgage rates were slightly down on mixed results from October's employment report,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “While the unemployment rate declined to 5.8 percent, nonfarm employment rose by 214,000 jobs, which was below consensus expectations. Net revisions for payroll employment in August and September added 31,000 more jobs to the initial readings."
The survey noted that the 30-year fixed-rate mortgage (FRM) averaged 4.01 percent with an average 0.5 point for the week ending November 13, 2014, down from the last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 4.35 percent.
The 15-year FRM averaged 3.20 percent with an average 0.5 point, down the prior week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.35 percent.
Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent with an average 0.5 point, up from the prior week's average of 2.97 percent. A year ago, the 5-year ARM averaged 3.01 percent.â€¨
The 1-year Treasury-indexed ARM averaged 2.43 percent with an average 0.4 point, down from 2.45 percent. At this time last year, the 1-year ARM averaged 2.61 percent. â€¨
For more information, visit www.FreddieMac.com.
Reprinted with permission from RISMedia. ©2014. All rights reserved.