Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates easing slightly for the third consecutive week to remain at a six month low as the 30-year fixed-rate mortgage (FRM) averaged 4.20 percent with an average 0.6 point for the week ending May 15, 2014, down from last week when it averaged 4.21 percent. A year ago at this time, the 30-year FRM averaged 3.51 percent. The 15-year FRM averaged 3.29 percent with an average 0.6 point, down from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.69 percent.
"Mortgage rates were little changed amid a week of light economic reports. These lower than expected rates are welcome news with the spring home buying season underway and may even provide those who haven't already refinanced possibly a reason to take another look," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Of the few releases, advanced retail sales rose 0.1 percent in April, but below the market forecast consensus of a 0.4 percent increase. Also, the Producer PriceIndex for final demand rose 0.6 percent in April which followed a 0.5 percent boost from the prior month."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.4 point, down from last week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.62 percent. Also this week, the one-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.55 percent.