Rates flat on week of light economic reports

by MPA14 Feb 2014
Mortgage rates remained relatively 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 for Freddie Mac. “Of the few releases, the economy added 113,000 jobs in January, which was below the market consensus forecast and followed a slight upward revision of 1,000 jobs in December. Meanwhile, the unemployment rate fell to 6.6 percent, which makes thirteen consecutive months without an increase.”

The 30-year fixed-rate mortgage averaged 4.28% this week, up from last week’s average of 4.23%. Last year at this time, the 30-year FRM averaged 3.53%.

The 15-year FRM averaged 3.33% this week, unchanged from last week’s rate. A year ago at this time, the 15-year FRM averaged 2.77%.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage was 3.05% this week, down from last week’s average of 3.08%. Last year at this time, the 5-year ARM averaged 2.64%.

The 1-year Treasury-indexed ARM averaged 2.55% this week, down from last week’s average rate of 2.51%. Last year at this time, the 1-year ARM averaged 2.61%.

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