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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
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%.
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.
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