Rate on US 30-year fixed-rate mortgage averaged 4.21% in week ended May 8, versus 4.29% in previous week, 3.42% a year ago: Freddie Mac
Allison Oesterle
MCLEAN, Virginia
,
May 8, 2014
(press release)
–
Freddie Mac (OTCQB: FMCC) today released the results of its
Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down further and following the decline in Treasury yields as the economic growth for the first quarter came in well below market expectations. At 4.21 percent, the 30-year fixed-rate mortgage is at its lowest since the week of November 7, 2013.
News Facts
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
Regional and National Mortgage Rate Details and
Definitions. Borrowers may still pay closing costs which are not included in the survey.
Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Mortgage rates continued moving down following the decline in 10-year Treasury yields after a dismal report on
real GDP growth in the first quarter. Meanwhile, the economy added 288,000 jobs in April, the largest since January 2012, and followed an upward revision of 36,000 jobs for the prior two months. Also, the unemployment rate fell to 6.3 percent."
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 FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac's future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company's future results are discussed more fully in our reports filed with the SEC.
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