Fixed-Rate Mortgages Remain Virtually Unchanged Amid Light Economic Reports

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing the average fixed-rate mortgage (FRM) virtually unchanged from last week, as the 30-year FRM averaged 4.41 percent with an average 0.7 point for the week ending April 3, 2014, up from last week when it averaged 4.40 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent. Also, it was the 15-year FRM averaging 3.47 percent with an average 0.6 point, up from last week when it averaged 3.42 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.  "Mortgage rates were little changed amid a week of light economic reports. Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013," said Frank Nothaft, vice president and chief economist, Freddie Mac. "The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February according to the ADP Research Institute. Also, the Institute for Supply Management reported the manufacturing industry rebounded from a soft February but was still below market consensus." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.5 point, up from last week when it averaged 3.10 percent. A year ago, the five-year ARM averaged 2.65 percent. Also this week, the one-year Treasury-indexed ARM averaged 2.45 percent with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the one-year ARM averaged 2.63 percent.