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Politics & MoneyMortgage

Freddie Mac: Mortgage rates drop near yearly lows

Rates fall to 16-month low

Mortgage rates slightly fell back down following the Federal Reserve’s latest tapering announcement, dropping down near their yearly lows, Freddie Mac’s Primary Mortgage Market survey results showed.

The 30-year, fixed rate mortgage declined from 4.19% last week to 4.12% and is significantly down from 4.23% a year ago.

In addition, the 15-year, FRM decreased to 3.30% after remaining frozen at 3.36% a week ago. This is close to 2013’s 15-year, FRM of 3.31%.

The 5-year Treasury-indexed hybrid adjustable rate-mortgage averaged 3.05%, compared to 3.06% a week prior and 3.05% a year ago.

The 1-year Treasury-indexed ARM stayed unchanged at 2.42%. This is down from 2.64% last year.

“Fixed mortgage rates were down on a week filled with bleak forward projections from the Federal Reserve and concern over growth in Europe. Despite gloomy vernacular from the Fed, mortgage purchase applications were up 2% on the week and the labor market added 248,000 jobs, beating expectations and lowering headline unemployment to 5.9%,” said Frank Nothaft, vice president and chief economist with Freddie Mac.

Bankrate reported similar results, with the 30-year, FRM dropping to 4.18% from 4.27% a year ago.

The 15-year, FRM fell to 3.37%, down from 3.44% a week ago, while the 5/1 ARM declined to 3.27%, down from 3.29% a week prior.

“Continued nervousness about slower growth in the global economy proved to be good news for mortgage rates, with mortgage rates pulling back to the lowest level since June 2013. This also takes mortgage rates out of the narrow band of approximately one-tenth of a percentage point that had prevailed since mid-May,” Bankrate said in a press release.

“The economic sluggishness seen around the globe, Europe in particular, has brought mortgage rates lower this year despite the Federal Reserve tapering their bond purchases,” it continued.  

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