Average Mortgage Rate Dips Slightly to 4.51 Percent on Eve of CFPB's QM

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates little changed amid a week of light economic reports. The 30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.7 point for the week ending Jan. 9, 2014, down from last week when it averaged 4.53 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent. The 15-year FRM this week averaged 3.56 percent with an average 0.6 point, up from last week when it averaged 3.55 percent. A year ago at this time, the 15-year FRM averaged 2.66 percent.  "Mortgage rates were little changed amid a week of light economic reports," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Of the few releases, the private sector added an estimated 238,000 jobs in December, which exceeded the market consensus and followed an upward revision of 14,000 jobs in November, according to the ADP Research Institute. Also, the Institute for Supply Management reported a greater slowing in growth in the non-manufacturing industry in December than the market consensus forecast." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.4 point, up from last week when it averaged 3.05 percent. A year ago, the five-year ARM averaged 2.67 percent. One-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.60 percent.