Mortgage Rates Flatline as U.S. Heads Into Holiday Weekend
Freddie Mac released its weekly update on national mortgage rates on Thursday morning, showing mortgage rates broadly flat to declining over the past seven days.
Thirty-year fixed-rate mortgages (FRMs) declined by two basis points, falling to 4.12%. 15-year FRMs held steady at 3.22%. One year ago, 30-year FRMs averaged 4.29%, and 15-years 3.39%.
5/1 adjustable-rate mortgages (ARMs) were likewise flat at 2.98% in the most recent week. 1-year ARMs slipped two b.p. to end at 2.38%. A year ago, 5/1 ARMs averaged 3.10 %, and 1-year ARMs averaged 2.66%.
Freddie Mac vice president and chief economist Frank Nothaft characterized the rates as "little changed." He noted pending home sales data showing a 6.1% rise in May, and private residential-construction spending rising 7.5% year over year.
Ordinarily, higher levels of spending and sales would be expected to result in higher mortgage rates, with the greater demand spurring rises in price. This did not happen last week.
Leaked: Apple's next smart device (warning, it may shock you)
Apple recently recruited a secret-development "dream team" to guarantee its newest smart device was kept hidden from the public for as long as possible. And there's one small company making Apple's gadget possible. And its stock price has nearly unlimited room to run for early-in-the-know investors. To be one of them, and see Apple's newest smart gizmo, just click here!
The article Mortgage Rates Flatline as U.S. Heads Into Holiday Weekend originally appeared on Fool.com.Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.