Fixed Mortgage Rates Barely Budge This Week

Posted by Patrick Barnard on February 14, 2014 No Comments
Categories : Residential Mortgage

Following a week of light economic reports, averaged fixed mortgage rates remained largely unchanged, according to Freddie Mac's Primary Mortgage Market Survey for the week ending Feb. 13.

The 30-year fixed-rate mortgage (FRM) averaged 4.28% with an average 0.7 point – up from last week when it averaged 4.23%. A year ago at this time, the 30-year FRM averaged 3.53%.

The 15-year FRM this week averaged 3.33%, with an average 0.7 point – unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.77%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05% this week, with an average 0.5 point – down from last week when it averaged 3.08%. A year ago, the five-year ARM averaged 2.64%.

The one-year Treasury-indexed ARM averaged 2.55% this week, with an average 0.4 point – up from last week when it averaged 2.51%. At this time last year, the one-year ARM averaged 2.61%.

‘Mortgage rates were little changed amid a week of light economic reports," notes Frank Nothaft, vice president and chief economist for Freddie Mac. "Of the few releases, the economy added 113,000 jobs in January – which was below the market consensus forecast and followed a slight upward revision of 1,000 jobs in December. Meanwhile, the unemployment rate fell to 6.6 percent, which makes thirteen consecutive months without an increase.’

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