Fixed Mortgage Rates Near Seven Month Low

Recently Freddie Mac released the results of its PMMS (Primary Mortgage Market Survey). It showed the average fixed mortgage rates moving lower, fixed mortgage rates hit new lows for this year (2014).

Frank Nothaft, vice president and chief economist for Freddie Mac had this to say “Mortgage rates continued to decline this week as industrial production slipped by 0.6 percent in April, below the market consensus forecast. Meanwhile, housing starts jumped 13 percent in April to a seasonally adjusted annual rate of 1,072,000 units, well above expectations. Permits rose to a seasonally adjusted annual rate of 1,080,000 in April, also above expectations.”

The 15-year FRM (Fixed-Rate Mortgage) this week averaged 3.25 percent with an average 0.5 point, down from the previous week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.

The 30-year FRM averaged 4.14 percent with an average 0.6 point for the week ending May 22, 2014, down from the previous week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.

For more information, visit FreddieMac.com.

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