Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing averaged fixed mortgage rates largely unchanged following a week of light economic reports with the 30-year fixed-rate mortgage (FRM) averaged 4.28 percent with an average 0.7 point for the week ending Feb. 13, 2014, up from last week when it averaged 4.23 percent. A year ago at this time, the 30-year FRM averaged 3.53 percent. Also this week, the 15-year FRM averaged 3.33 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.77 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 economy added 113,000 jobs in January, which was below the market consensus forecast and followed a slight upward revision of 1,000 jobs in December. Meanwhile, the unemployment rate fell to 6.6 percent, which makes thirteen consecutive months without an increase."
The five-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 3.08 percent. A year ago, the five-year ARM averaged 2.64 percent. The one-year Treasury-indexed ARM averaged 2.55 percent this week with an average 0.4 point, up from last week when it averaged 2.51 percent. At this time last year, the one-year ARM averaged 2.61 percent.