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Fixed Mortgage Rates Inch Down
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down slightly after last week's uptick, and remaining within range of average fixed rates for the first quarter of 2014.
"Mortgage rates eased this week as housing starts declined 0.2 percent in February to a seasonally adjusted annual rate of 907,000, below consensus forecast,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “The rate on the 10-year treasury note rose following the Fed's announcement Wednesday afternoon and, if this holds, interest rates may begin to trend higher going into next week."
The 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.6 point for the week ending March 20, 2014, down from last week when it averaged 4.37 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
Additionally, the 15-year FRM this week averaged 3.32 percent with an average 0.6 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week with an average 0.4 point, down from last week when it averaged 3.09 percent. A year ago, the 5-year ARM averaged 2.61 percent.
Results show that the 1-year Treasury-indexed ARM averaged 2.49 percent this week with an average 0.4 point, up from last week when it averaged 2.48 percent. At this time last year, the 1-year ARM averaged 2.63 percent.
For more information, visit www.FreddieMac.com.