Fixed rates show little change

by MPA10 Jan 2014
Fixed mortgage rates showed little change this week amid light economic reports, according to data released Thursday by Freddie Mac.

“Of the few (economic) releases, the private sector added an estimated 238,000 jobs in December, which exceeded the market consensus and followed an upward revision of 14,000 jobs in November, according to the ADP Research Institute,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Also, the Institute for Supply Management reported a greater slowing in growth in the non-manufacturing industry in December than the market consensus forecast.”

But the few reports released weren’t enough to move mortgage rates much. The 30-year fixed-rate mortgage averaged 4.51% this week, down from last week’s 4.53%. Last year at this time, the 30-year FRM averaged 3.40%.

The 15-year FRM crept up slightly this week, rising to 3.56% from last week’s 3.55%. Last year at this time, the 15-year FRM averaged 2.66%.
The 5-year Treasury-indexed adjustable-rate mortgage was up this week, rising to 3.15% from last week’s average of 3.05%. A year ago, the 5-year ARM averaged 2.67%. The 1-year ARM was unchanged this week at 2.56%. Last year at this time, the 1-year ARM averaged 2.60%.
 

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