Fixed Mortgage Rates Relatively Flat
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing averaged fixed mortgage rates largely unchanged following a week of light economic reports.
"Mortgage rates were little changed amid a week of light economic reports. Of the few releases, the economy added 113,000 jobs [PDF] in January, which was below the market consensus forecast and followed a slight upward revision of 1,000 jobs in December,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Meanwhile, the unemployment rate fell to 6.6 percent, which makes thirteen consecutive months without an increase."
According to results, the 30-year fixed-rate mortgage (FRM) averaged 4.28 percent with an average 0.7 point for the week ending February 13, 2014, up from last week when it averaged 4.23 percent. A year ago at this time, the 30-year FRM averaged 3.53 percent.
Additionally, the 15-year FRM this week averaged 3.33 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.77 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.5 point, down from last week when it averaged 3.08 percent. A year ago, the 5-year ARM averaged 2.64 percent.
Results show that the 1-year Treasury-indexed ARM averaged 2.55 percent this week with an average 0.4 point, up from last week when it averaged 2.51 percent. At this time last year, the 1-year ARM averaged 2.61 percent.