The WPJ
Residential Real Estate News
Fixed Mortgage Rates Edge Down in Mid-March
According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), average fixed mortgage rates moving down slightly after last week's uptick, and remaining within range of average fixed rates for the first quarter of 2014.
Freddie Mac chief economist Frank Nothaft stated, "Mortgage rates eased this week as housing starts declined 0.2 percent in February to a seasonally adjusted annual rate of 907,000, below consensus forecast. The rate on the 10-year
Treasury note rose following the Fed's announcement Wednesday afternoon and, if this holds, interest rates may begin to trend higher going into next week."
PMMS report highlights include:
- 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.6 point for the week ending March 20, 2014, down from last week when it averaged 4.37 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
- 15-year FRM this week averaged 3.32 percent with an average 0.6 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week with an average 0.4 point, down from last week when it averaged 3.09 percent. A year ago, the 5-year ARM averaged 2.61 percent.
- 1-year Treasury-indexed ARM averaged 2.49 percent this week with an average 0.4 point, up from last week when it averaged 2.48 percent. At this time last year, the 1-year ARM averaged 2.63 percent.
Real Estate Listings Showcase
This website uses cookies to improve user experience. By using our website you consent in accordance with our Cookie Policy. Read More