The WPJ
Residential Real Estate News
Mortgage Rates Remain Flat in Early September
According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average fixed rate mortgage rate had a slight uptick compared to the previous week following the increase in bond yields.
Frank Nothaft, vice president and chief economist at Freddie Mac said, "Mortgage rates were up slightly this week, following the increase in 10-year Treasury yields, despite last week's disappointing employment report. The U.S. economy added only 142,000 jobs in August, after a 212,000 gain in July and a 267,000 increase in June. The unemployment rate fell to 6.1 percent in August from 6.2 percent the previous month."
Freddie Mac News Report Highlights:
- 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending September 11, 2014, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 4.57 percent.
- 15-year FRM this week averaged 3.26 percent with an average 0.5 point, up from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 3.59 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.22 percent.
- 1-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.4 point, up from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.67 percent.
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