Freddie Mac: Mortgage Rates Holding Steady For Now

Posted by Patrick Barnard on August 01, 2014 No Comments
Categories : Residential Mortgage

Mortgage rates remained mostly flat during the week ending July 31, according to Freddie Mac's Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 4.12%, down slightly from 4.13% the previous week. A year ago at this time, the 30-year FRM averaged 4.39%.

The average rate for a 15-year FRM was 3.23%, down from 3.26% the week prior. A year ago at this time, the 15-year FRM averaged 3.43%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.01%, up from 2.99% the previous week. A year ago, the five-year ARM averaged 3.18%.

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

‘Mortgage rates were little changed this week with the 30-year fixed-rate mortgage rate at 4.12%, just a basis point lower from the previous week,’ says Frank Nothaft, vice president and chief economist for Freddie Mac, in a release. ‘Meanwhile, on Wednesday afternoon the yield on the 10-year Treasury surged as data showed gross domestic product for the second quarter at a 4.0 percent annualized rate, above expectations.’

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