Another Week of Lower Fixed Rate Mortgages
Fixed rate mortgages experienced their fifth consecutive week of lower rates last week, according to a new Primary Mortgage Market Survey that was released by opens in a new windowFreddie Mac. These rates represent new lows for 2014 and the average price is actually at its lowest point since the final week of October, 2013.
Along with the news of these new lows for fixed rate mortgages, the Primary Mortgage Market Survey also revealed a wide variety of additional interesting facts. For starters, the 30-year fixed rate mortgage rate averaged 4.12 percent for the final week of May, 2014. This represents a slight increase from the same week during 2013, when the rate was at 3.81 percent. (1)
Fifteen year fixed rate mortgages averaged 3.21 percent during the final week of May, 2014. This represented a slight decrease from the previous week, when the same types of mortgages averaged 2.25 percent. During the same period of time in 2013, these same types of mortgages averaged 2.66 percent. (1)
It should be noted that the total upfront cost of obtaining a mortgage is determined through a combination of the average fees and the average commitment rates. When borrowers close on the sale of a home they are also required to pay closing costs in many situations. Those closing costs were not included in the aforementioned survey, which could cause the numbers to adjust in a few slight ways. (2)
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