Fixed-Rates Remain Low, Tick Upward to 4.33 Percent

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates up slightly for the second week in a row, as the 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.7 point for the week ending Feb. 20, 2014, up from last week when it averaged 4.28 percent. A year ago at this time, the 30-year FRM averaged 3.56 percent. The 15-year FRM this week averaged 3.35 percent with an average 0.7 point, up from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.  "Mortgage rates crept up further following the uptick in the 10-year Treasury yield as minutes of the Federal Reserve's last meeting indicated little possibility of a pause in the central bank's reduction of bond purchases," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Housing starts in January fell 16 percent to a seasonally adjusted annual rate of 888,000 units, below consensus forecast. Permits were at a seasonally adjusted annual rate of 937,000 in January, also below consensus." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent this week with an average 0.5 point, up from last week when it averaged 3.05 percent. A year ago, the five-year ARM averaged 2.64 percent. The one-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.3 point, up from last week when it averaged 2.55 percent. At this time last year, the one-year ARM averaged 2.65 percent.