Mortgage Rate Update - May 1
May 7th, 2014 2:59 PM

Fixed mortgage rates ticked down during the past week, Freddie Mac reported May 1 in its weekly Primary Mortgage Market Survey.

The 30-year fixed-rate dropped 0.04 percent to 4.29 percent (up from 3.35 percent a year ago). The 15-year fixed-rate fell 0.01 percent to 3.38 percent (up from 2.56 percent a year ago).

The one-year adjustable-rate rose 0.01 percent to 2.45 percent (down from 2.56 percent a year ago). The five-year Treasury-indexed increased 0.02 percent to 3.05 percent (up from 2.56 percent a year ago).

Mortgage rates were down slightly following the release of real GDP estimates for the first quarter of the year which rose 0.1 percent and fell well short of market expectations. The pending home sales index rose in March ending eight consecutive months of decline and the S&P/Case-Shiller 20-city composite house price index rose 12.9 percent over the 12-months ending in February 2014.

Posted in:General
Posted by James M. Hanson on May 7th, 2014 2:59 PMPost a Comment

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