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Mortgage Rates Remain Near 2014 Lows

Mortgage Rates Remain Near 2014 Lows

MCLEAN, VA--(Marketwired - Dec 24, 2014) -  Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging slightly higher while remaining near their 2014 lows amid mixed housing and economic news.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.83 percent with an average 0.6 point for the week ending December 24, 2014, up from last week when it averaged 3.80 percent. A year ago at this time, the 30-year FRM averaged 4.48 percent. 

  • 15-year FRM this week averaged 3.10 percent with an average 0.6 point, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.52 percent. 

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 3.00 percent.

  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.56 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.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Mortgage rates were up slightly, following a week of mixed economic releases. Existing home sales were down 6.1 percent in November to annual rate of 4.93 million units, below economists' expectations. New home sales fell 1.6 percent last month to an annual rate of 438,000, also below expectations. Meanwhile, the third quarter real GDP was revised sharply higher to 5.0 percent according to the final estimate released by the Bureau of Economic Analysis."

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. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.






 

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