October 13, 2014 1:20 am
“Fixed mortgage rates were down on a week filled with bleak forward projections from the Federal Reserve and concern over growth in Europe,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Despite gloomy vernacular from the Fed, mortgage purchase applications were up 2 percent on the week and the labor market added 248,000 jobs, beating expectations and lowering headline unemployment to 5.9 percent.”
Fixed mortgage rates average as follows:
- 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending October 9, 2014, down from last week when it averaged 4.19 percent. A year ago at this time, the 30-year FRM averaged 4.23 percent.
- 15-year FRM this week averaged 3.30 percent with an average 0.5 point, down from last week when it averaged 3.36 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.5 point, down from last week when it averaged 3.06 percent. A year ago, the 5-year ARM averaged 3.05 percent.
- 1-year Treasury-indexed ARM averaged 2.42 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.64 percent.
Published with permission from RISMedia.