Mortgage Rates End Year Near 2014 Lows
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates move slightly higher this week, the average 30-year fixed-rate mortgage ends the year below four percent.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.87 percent, up from last week when it averaged 3.83 percent. A year ago at this time, the 30-year FRM averaged 4.53 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.15 percent, up from last week when it averaged 3.10 percent. A year ago at this time, the 15-year FRM averaged 3.55 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 3.01 percent, unchanged from last week. A year ago, the 5-year ARM averaged 3.05 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.40 percent, up slightly from last week when it averaged 2.39 percent. At this time last year, the 1-year ARM averaged 2.56 percent.
Mortgage rates are on the rise. Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“While mortgage rates edged up this week, they remain near 2014 lows. Looking at full year data, the 30-year fixed-rate average for 2014 was 4.17 percent, the highest annual average since 2011. Also, the Conference Board reported that confidence among consumers rose in December and the S&P/Case-Shiller [PDF]® Seasonally-Adjusted National house price index rose 4.6 percent over the 12-months ending in October 2014.”
Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.
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