MCLEAN, VA — (Marketwired) — 10/16/14 — (OTCQB: FMCC) today released the results of its (PMMS®), showing average fixed mortgage rates hitting new lows for the year as 10-year bond yields briefly dipped below 2 percent. At 3.97 percent the average 30-year fixed rate is at its lowest level since the week of June 20, 2013 when it averaged 3.93 percent. This was also the last time the 30-year fixed averaged below 4 percent in the PMMS until this week.
(FRM) averaged 3.97 percent with an average 0.5 point for the week ending October 16, 2014, down from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.28 percent.
this week averaged 3.18 percent with an average 0.5 point, down from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 3.33 percent.
(ARM) averaged 2.92 percent this week with an average 0.5 point, down from last week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 3.07 percent.
averaged 2.38 percent this week with an average 0.4 point, down from last week when it averaged 2.42 percent. At this time last year, the 1-year ARM averaged 2.63 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the and . Borrowers may still pay closing costs which are not included in the survey.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Mortgage rates were down sharply following the in the 10-year Treasury yield for the second straight week. Rates are at their lowest levels since June 2013 amidst continued investor skepticism regarding the precarious economic situation in Europe.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation–s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at , Twitter and Freddie Mac–s blog .
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