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Residential financing rates hold steady, while applications drop

Posted on Thursday, February 13, 2014 at 10:06:07 AM

Freddie Mac's recently released Primary Mortgage Market Survey has indicated that residential financing rates remained relatively stable on a weekly basis, thanks in part to minimal economic shifts.

The 30-year fixed-rate mortgage averaged 4.28 percent for the week ending Feb. 13, up from the week prior when it averaged 4.23 percent, the government enterprise reported. The 15-year FRM was unchanged, while both adjustable-rate variants noted minimal differences. 

"Mortgage rates were little changed amid a week of light economic reports," said Frank Nothaft, vice president and chief economist at Freddie Mac. "Of the few releases, the economy added 113,000 jobs in January, which was below the market consensus forecast and followed a slight upward revision of 1,000 jobs in December. Meanwhile, the unemployment rate fell to 6.6 percent, which makes [13] consecutive months without an increase."

In addition, the Mortgage Bankers Association reported a slight decline in the number of residential financing applications, with only a 2 percent decrease on a week-over-week basis. Changes weren't found in the refinance share of mortgage activity either, still accounting for 62 percent of total applications.