The WPJ
Residential Real Estate News
U.S. Mortgage Rates Move Higher, Biggest Weekly Increase in 2014
According to Freddie Mac latest Primary Mortgage Market Survey (PMMS), the average fixed rate mortgage made their biggest one-week gain so far this year.
Frank Nothaft, vice president and chief economist at Freddie Mac said, "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. 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."
Freddie Mac Report Highlights:
- 30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.5 point for the week ending September 18, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.50 percent.
- 15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from last week when it averaged 3.26 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.06 percent this week with an average 0.5 point, up from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.11 percent.
- 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.4 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.65 percent.
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