“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%.
Fixed mortgage rates were largely flat this week, according to data released Thursday by Freddie Mac.