Fixed rates largely flat

by Ryan Smith06 Jun 2014
Fixed mortgage rates were largely flat this week, according to data released Thursday by Freddie Mac.

“Mortgage rates were little changed amid a week of light economic reports,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “Of the few releases, real GDP was revised down to -1.0 percent growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May.”

The average rate for the 30-year fixed-rate mortgage was 4.14% this week, up from last week’s average of 4.12%. Last year at this time, the 30-year FRM averaged 3.91%.

The 15-year FRM averaged 3.23%, up from last week’s 3.21%. Last year, the 15-year FRM averaged 3.03%.

Adjustable rates, meanwhile, were down slightly. The 5-year Treasury-indexed hybrid ARM averaged 2.93% this week, down from last week’s 2.96%. Last year at this time, the 5-year ARM averaged 2.74%.

The 1-year ARM dropped slightly to 2.40% from last week’s 2.41%. Twelve months ago, the 1-year ARM averaged 2.58%.
 

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