Fixed Mortgage Rates Tick Down

said on April 18th, 2014 filed under: Buyer Tips, Real Estate Information, Seller Tips

Hayesville NC HomeRecently, Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down slightly as we head into the spring homebuying season.

“Mortgage rates eased a bit following the decline in 10-year Treasury yields,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.”

Survey results show that the 30-year fixed-rate mortgage (FRM) averaged 4.34 percent with an average 0.7 point for the week ending April 10, 2014, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent.

Additionally, the 15-year FRM this week averaged 3.38 percent with an average 0.6 point, down from last week when it averaged 3.47 percent. A year ago at this time, the 15-year FRM averaged 2.65 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09 percent this week with an average 0.5 point, down from last week when it averaged 3.12 percent. A year ago, the 5-year ARM averaged 2.62 percent.

The 1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.5 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.62 percent.

For more information, visit FreddieMac.com.

Reprinted with permission from RISMedia. ©2014. All rights reserved.

Written by Rick Andrews

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