Freddie Mac's mortgage survey shows average fixed mortgage rates eased slightly for the third consecutive week, falling to a six-month low.
“Mortgage rates were little changed amid a week of light economic reports. These lower than expected rates are welcome news with the spring home-buying season underway and may even provide those who haven’t already refinanced possibly a reason to take another look,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “Of the few releases, advanced retail sales rose 0.1% in April, but below the market forecast consensus of a 0.4% increase. Also, the Producer Price Index for final demand rose 0.6% in April which followed a 0.5% boost from the prior month.”
The 30-year fixed-rate mortgage averaged 4.2% with an average 0.6 point for the week ending May 15, 2014, down from last week when it averaged 4.21%. A year ago at this time, the 30-year FRM averaged 3.51%.
The 15-year FRM this week averaged 3.29% with an average 0.6 point, down from last week when it averaged 3.32%. A year ago at this time, the 15-year FRM averaged 2.69%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.01% this week with an average 0.4 point, down from last week when it averaged 3.05%. A year ago, the 5-year ARM averaged 2.62%.
This week the 1-year Treasury-indexed ARM averaged 2.43% with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.55%.