Fixed-Rate Mortgages Drop to 4.34 Percent

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving down slightly with the 30-year fixed-rate mortgage (FRM) averaging 4.34 percent with an average 0.7 point for the week ending April 10, 2014, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent. Also this week, the 15-year FRM averaged 3.38 percent with an average 0.6 point, down from last week when it averaged 3.47 percent. A year ago at this time, the 15-year FRM averaged 2.65 percent.  "Mortgage rates eased a bit following the decline in 10-year Treasury yields," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09 percent this week with an average 0.5 point, down from last week when it averaged 3.12 percent. A year ago, the five-year ARM averaged 2.62 percent. Also this week, the one-year Treasury-indexed ARM averaged 2.41 percent with an average 0.5 point, down from last week when it averaged 2.45 percent. At this time last year, the one-year ARM averaged 2.62 percent.