The WPJ
Residential Real Estate News
Fixed Mortgage Rates in U.S. Hit 2014 Lows
According to Freddie Mac latest Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate in the U.S. followed bond yields lower. Averaging 4.10 percent for the week, the 30-year fixed-rate mortgage fell below its previous 2014 low of 4.12 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac says, "Mortgage rates were down slightly this week, following the decline in 10-year Treasury yields. Meanwhile, housing starts in July jumped 15.7 percent to 1.093 million units after falling 4.0 percent a month earlier. Also, July's consumer prices increased at a 0.1 percent seasonally adjusted pace, the slowest in five months."
Freddie Mac Report Highlights Include:
- 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending August 21, 2014, down from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.58 percent.
- 15-year FRM this week averaged 3.23 percent with an average 0.6 point, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 3.60 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.21 percent.
- 1-year Treasury-indexed ARM averaged 2.38 percent this week with an average 0.5 point, up from last week when it averaged 2.36 percent. At this time last year, the 1-year ARM averaged 2.67 percent.
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