Freddie Mac: Mortgage Rates Basically Flat This Week

Mortgage rates more or less held steady during the week ending June 5, according to Freddie Mac's Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 4.14%, up slightly from 4.12% the previous week. A year ago at this time, the 30-year FRM averaged 3.91%.

The average rate for a 15-year FRM was 3.23%, up slightly from 3.21% the week prior. A year ago at this time, the 15-year FRM averaged 3.03%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.93%, down slightly from 2.96% the previous week. A year ago, the five-year ARM averaged 2.74%.

The average rate for a one-year Treasury-indexed ARM was 2.40%, down slightly from 2.41% the week prior. At this time last year, the 1-year ARM averaged 2.58%.

‘Mortgage rates were little changed amid a week of light economic reports,’ says Frank Nothaft, vice president and chief economist for Freddie Mac. ‘Of the few releases, real GDP was revised down to -1.0 percent growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May.’

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