|Mortgage Rates Shrink for First Time in Four Weeks|
|RISMEDIA, Friday, March 06, 2015— Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower for the first time in four weeks and remaining near late May, 2013 lows.
“Mortgage rates fell across the board, with the 30-year fixed rate mortgage reading 3.75 percent this week,” says Len Kiefer, deputy chief economist of Freddie Mac. “Real GDP growth for the fourth quarter was revised down to 2.2 percent. Consumer prices fell more than expected in January, tumbling 0.7 percent.”
The 30-year fixed-rate mortgage (FRM) averaged 3.75 percent with an average 0.6 point for the week ending March 5, 2015, down from last week when it averaged 3.80 percent. A year ago at this time, the 30-year FRM averaged 4.28 percent.
Results show that 15-year FRM this week averaged 3.03 percent with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago at this time, the 15-year FRM averaged 3.32 percent.
Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.5 point, down from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.03 percent.
The 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.52 percent.
For more information, visit www.freddiemac.com.
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