Fixed rates down slightly

by MPA19 Jun 2014
Fixed rates reversed course, moving slightly lower this week, according to data released today by Freddie Mac.

“Mortgage rates were down slightly for the week ending on June 19, 2014,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Meanwhile, housing starts in May were 6.5 percent below the revised April rate. Following a similar pattern, building permits fell 6.4 percent in May after a 5.9 percent increase a month earlier. Also, CPI rose 0.4 percent in May, more than expected, following a 0.3 percent rise in April.”

The average rate for the 30-year fixed-rate mortgage was 4.17% this week, down from last week’s average of 4.20%. A year ago, the 30-year FRM averaged 3.93%.

The 15-year FRM averaged 3.30% this week, down from last week’s average of 3.31%. Last year at this time, the 15-year FRM averaged 3.04%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.00% this week, down from last week’s 3.05%. A year ago at this time, the 5-year ARM averaged 2.79%.

The 1-year ARM averaged 2.41% this week, up from last week’s average of 2.40%. Last year, the 1-year ARM averaged 2.57%.


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