The WPJ
Residential Real Estate News
Mortgage Rates Edge Up in U.S.
According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), fixed mortgage rates edged up following a week with little new economic and housing news.
Freddie Mac's chief economist Frank Nothaft stated, "Mortgage rates edged up amid a week of light economic reports. Of the few releases, the economy added 175,000 jobs in February, which was above the market consensus forecast and followed.
Freddie Mac report highlights include:
- 30-year fixed-rate mortgage (FRM) averaged 4.37 percent with an average 0.6 point for the week ending March 13, 2014, up from last week when it averaged 4.28 percent. A year ago at this time, the 30-year FRM averaged 3.63 percent.
- 15-year FRM this week averaged 3.38 percent with an average 0.6 point, up from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.79 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09 percent this week with an average 0.4 point, up from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 2.61 percent.
- 1-year Treasury-indexed ARM averaged 2.48 percent this week with an average 0.4 point, down from last week when it averaged 2.52 percent. At this time last year, the 1-year ARM averaged 2.64 percent.
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