Freddie Mac: Mortgage Rates Basically Flat Heading Into Labor Day

Posted by Patrick Barnard on August 28, 2014 No Comments
Categories : Residential Mortgage

Mortgage rates were largely unchanged during the week ending Aug. 28, Freddie Mac reports.

According to the firm's Primary Mortgage Market Survey, the average rate for a 30-year fixed-rate mortgage (FRM) was 4.10%, unchanged from the previous week. A year ago at this time, the 30-year FRM averaged 4.51%.

The average rate for a 15-year FRM was 3.25%, up from 3.23% the week prior. A year ago at this time, the 15-year FRM averaged 3.54%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.97%, up slightly from 2.95% the previous week. A year ago, the five-year ARM averaged 3.24%.

The average rate for a one-year Treasury-indexed ARM was 2.39%, up slightly from 2.38%. At this time last year, the one-year ARM averaged 2.64%.

‘Mortgage rates were little changed following mixed housing news,’ says Frank Nothaft, vice president and chief economist, Freddie Mac, in a statement. ‘Existing-home sales rose for the fourth consecutive month to an annualized pace of 5.15 million, the highest of the year.

‘On the other hand, new home sales fell for the third consecutive month to an annualized rate of 412,000 units,’ Nothaft adds. ‘Also, the S&P/Case-Shiller national home price index confirmed the slowing in national house-price appreciation that has occurred in other metrics, with the seasonally adjusted national index down 0.1 percent in June, but on a year-over-year basis, up a solid 6.2 percent.’

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