Freddie Mac has announced the results of its latest Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates following an uptick, as the 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.6 point for the week ending April 24, 2014. This was up from last week when it averaged 4.27 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent. Also this week, the 15-year FRM veraged 3.39 percent with an average 0.6 point, up from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 2.61 percent.
"Mortgage rates edged up following the uptick in the 10-year Treasury note late last week," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Existing home sales were essentially flat with a 0.2 percent decline in March to a seasonally adjusted annual rate of 4.59 million. However, new home sales fell nearly 15 percent in March to an annual rate of 384,000, well below consensus."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.5 point, unchanged from last week. A year ago, the five-year ARM averaged 2.58 percent. The one-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.62 percent.