MCLEAN, VA--(Marketwired - Mar 6, 2014) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down following weaker than expected economic and housing news.
- 30-year fixed-rate mortgage (FRM) averaged 4.28 percent with an average 0.7 point for the week ending March 6, 2014, down from last week when it averaged 4.37 percent. A year ago at this time, the 30-year FRM averaged 3.52 percent.
- 15-year FRM this week averaged 3.32 percent with an average 0.6 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.76 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.4 point, down from last week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.63 percent.
- 1-year Treasury-indexed ARM averaged 2.52 percent this week with an average 0.3 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.63 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Mortgage rates were down this week as real GDP was revised downwards to 2.4 percent growth in the fourth quarter of 2013. Fixed residential investment negatively contributed to GDP decreasing 8.7 percent in the fourth quarter. The private sector added an estimated 139,000 jobs in February, which was below the market consensus and followed a downward revision of 48,000 jobs in January, according to the ADP Research Institute."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.