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Fixed Mortgage Rates Near Seven Month Low Heading Into Memorial Day Weekend

May 22nd, 2014 9:54 AM by Jackie A. Graves, President

MCLEAN, VA--(Marketwired - May 22, 2014) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower for the fourth consecutive week with fixed mortgage rates hitting new lows for this year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.6 point for the week ending May 22, 2014, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent. 

  • 15-year FRM this week averaged 3.25 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent. 

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.4 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.63 percent.

  • 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.55 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.

     

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Posted in:General
Posted by Jackie A. Graves, President on May 22nd, 2014 9:54 AM

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