Freddie Mac: Mortgage Rates Edged Up

Posted by Patrick Barnard on September 18, 2014 No Comments
Categories : Residential Mortgage

Mortgage rates edged up this week compared to last week, according to Freddie Mac's Primary Mortgage Market Survey.

In fact, fixed mortgage rates on average made their biggest one-week gain so far this year, the government-sponsored enterprise reports. Still, rates remain near historical lows.

For the week ending Sept. 18, the average rate for a 30-year fixed-rate mortgage (FRM) was 4.23%, up from 4.12% the previous week. A year ago at this time, the 30-year FRM averaged 4.50%.

The average rate for a 15-year FRM was 3.37%, up from 3.26% a 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 3.06%, up from 2.99% the previous week. A year ago, the five-year ARM averaged 3.11%.

The average rate for a one-year Treasury-indexed ARM was 2.43%, down slightly from 2.45% the week prior. At this time last year, the one-year ARM averaged 2.65%.

‘Fixed-rate mortgage rates rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance,’ says Frank Nothaft, vice president and chief economist for Freddie Mac, in a statement. ‘Meanwhile, the Labor Department reported that its Consumer Price Index (CPI) declined 0.2 percent in August, reflecting declines in energy prices. Excluding food and energy, the CPI was unchanged.’

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