- ZING Blog by Quicken Loans - http://www.quickenloans.com/blog -

Average Fixed-Rate Mortgages Hit New 2014 Lows – Market Update

Posted By Anthony Fontana On June 2, 2014 @ 5:23 pm In Market Insights | No Comments

Market Update - Quicken Loans Zing Blog

Headline News from Last Week

  • FHFA House Price Index – Supply shortages continued to put pressure on home prices, which increased 0.7% in March on a seasonally-adjusted basis.
  • S&P Case-Shiller HPI – Home price appreciation remained strong with Case-Shiller’s 20-city adjusted index, up a higher-than-expected 1.2% in March.
  • Consumer Confidence – An increase of 1.3 points made it three straight months at a level of at least 80.
  • MBA Purchase Applications – Mortgage applications for home purchases remained flat, down 1.0%.
  • GDP – The first quarter was weak due to adverse weather. Real GDP growth was revised down to an annualized -1.0%.
  • Jobless Claims – Claims fell 27,000 to 300,000. The four-week average is down a sharp 11,250 to a new recovery low of 311,500.
  • Pending Home Sales Index – Pending Home Sales rose 0.4% in April, building slightly on top of March’s 3.4% surge.
  • Consumer Sentiment – Although it had been on a rise, Consumer Sentiment took a step back in May. The 81.9 mark was down from April’s 84.1.

Mortgage Rates

According to the Primary Mortgage Market Survey released by Freddie Mac, average fixed-rate mortgage rates fell for the fifth consecutive week and hit new 2014 lows.

30-year fixed-rate mortgages (FRMs) averaged 4.12% with an average 0.6 point for the week ending May 29, 2014, down from last week when they averaged 4.14%. A year ago at this time, 30-year FRMs averaged 3.81%.

15-year FRMs this week averaged 3.21% with an average 0.5 point, down from last week when they averaged 3.25%. A year ago at this time, 15-year FRMs averaged 2.98%.

5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.96% this week with an average 0.3 point, unchanged from last week. A year ago, 5-year ARMs averaged 2.66%.

1-year Treasury-indexed ARMs averaged 2.41% this week with an average 0.4 point, down from last week when they averaged 2.43%. At this time last year, 1-year ARMs averaged 2.54%.

Equity Markets

The S&P 500 increased over 2% this month, ending at 1,923.5. The NASDAQ had an even better month, adding 3.1% in May. The Dow Jones Industrial Average, not to be outdone, increased to a new high of 16,717.

Wednesday, June 4

MBA Purchase Applications (7:00 a.m. ET) – The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.

Thursday, June 5

Jobless Claims (8:30 a.m. ET) – New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time.

Friday, June 6

Employment Situation (8:30 a.m. ET) – The employment situation is a set of market indicators based on two separate surveys.

Visit the Quicken Loans Zing Blog for updated information on important economic releases that affect your wallet.

 


Article printed from ZING Blog by Quicken Loans: http://www.quickenloans.com/blog

URL to article: http://www.quickenloans.com/blog/average-fixedrate-mortgages-hit-2014-lows-market-update

Copyright © 2012 Zing Blog by Quicken Loans. All rights reserved.