Freddie Mac: Mortgage rates remain low
Posted on Thursday, June 5, 2014 at 10:01:00 AM
Residential financing rates have held steady over the past several weeks, remaining incredibly affordable for those interested in buying a new home.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged only 4.14 percent for the week ending June 5. That is a slight increase from last week's 4.12 percent. On a similar note, the 15-year fixed-rate mortgage averaged 3.23 percent during that time frame. Both adjustable-rate mortgage variants had small decreases on a weekly basis.
"Mortgage rates were little changed amid a week of light economic reports," stated Frank Nothaft, vice president and chief economist of 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."
In addition, the Mortgage Bankers Association reported that residential financing applications slipped at the end of May, down 3.1 percent for the week ending May 30. The Refinance Index also declined 3 percent during that time, while adjustable-rate mortgages made up 8 percent of total applications.