Mortgage Rates Keep Moving Down, Little By Little

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

Average fixed mortgage rates moved down slightly this week to remain near historic lows, according to the results of Freddie Mac's Primary Mortgage Market Survey (PMMS).

‘Mortgage rates were little changed amid a week of light economic reports,’ comments Frank Nothaft, vice president and chief economist for the government-sponsored enterprise. ‘Of the few releases, industrial production rose by 0.2 percent in June, below the market consensus forecast. Also, the producer price index for final demand rose 0.4 percent in June, rebounding from a 0.2 percent decline the prior month.’

The 30-year fixed-rate mortgage (FRM) averaged 4.13% with an average 0.6 point for the week ending July 17: down from the week before, when it averaged 4.15%. A year ago at the same time, the 30-year FRM averaged 4.37%.

The 15-year FRM averaged 3.23% with an average 0.5 point, which is down from the week before, when it averaged 3.24%. A year ago at this time, the 15-year FRM averaged 3.41%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97% with an average 0.4 point: down from 2.99% the week prior. A year ago, the five-year ARM averaged 3.17%.

The one-year Treasury-indexed ARM averaged 2.39% with an average 0.4 point. This is down from 2.40%. At this time last year, the one-year ARM averaged 2.66%.

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