Freddie Mac Text: Mtg Survey: 30Y Fixed Avg 4.14% June 26 Wk

WASHINGTON (MNI) – The following is the text of the latest Freddie Mac
Primary Mortgage Market Survey released Thursday:

Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage
Market Survey (PMMS), showing average fixed mortgage rates moving lower
following the release of the first quarter real GDP final estimate. Fixed
mortgage rates are lower this week than at the same time last year when Fed
remarks spurred market speculation that it could begin tapering its bond
purchases causing mortgage rates to spike.

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average
0.5 point for the week ending June 26, 2014, down from last week when it
averaged 4.17 percent. A year ago at this time, the 30-year FRM averaged 4.46
percent.

– 15-year FRM this week averaged 3.22 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 3.50 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged
2.98 percent this week with an average 0.3 point, down from last week when it
averaged 3.00 percent. A year ago, the 5-year ARM averaged 3.08 percent.

– 1-year Treasury-indexed ARM averaged 2.40 percent this week with an
average 0.4 point, down from last week when it averaged 2.41 percent. At this
time last year, the 1-year ARM averaged 2.66 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 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 were down following the release of first quarter real GDP
final estimate, which fell at a 2.9 percent annualized rate, a steeper than
expected decline and the worst reading since the first quarter of 2009. Also,
the seasonally-adjusted SP/Case-Shiller 20-city home price index was up only
0.2 percent in April from the previous month. On a year-over-year basis, prices
remained strong in April up 10.8 percent, but slower than the 12.3 percent in
March.”


–MNI Washington Bureau; tel: +1 202-371-2121; email: besene@mni-news.com

[TOPICS: MAUDS$,M$U$$$,MK$$$$,M$$MO$]


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