Fixed mortgage rates reverse course

Freddie Mac released the results of its Primary Mortgage Market Survey showing average fixed mortgage rates moving down following weaker than expected economic and housing news.

The 30-year fixed-rate mortgage averaged 4.28% with an average 0.7 point for the week ending March 6, 2014, down from last week when it averaged 4.37%. A year ago at this time, the 30-year FRM averaged 3.52%.

The 15-year this week averaged 3.32%  with an average 0.6 point, down from last week when it averaged 3.39%. A year ago at this time, the 15-year FRM averaged 2.76%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.03% this week with an average 0.4 point, down from last week when it averaged 3.05%. A year ago, the 5-year ARM averaged 2.63%.

The 1-year Treasury-indexed ARM averaged 2.52% this week with an average 0.3 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.63%.

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.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome