Freddie Mac: Mortgage Rates Up Slightly As 2014 Comes To A Close

31 Dec 2014 | Author: | No comments yet »

Average 30-Year Mortgage Rate Ends 2014 Below 4%.

Mortgage giant Freddie Mac says the nationwide average for a 30-year fixed rate mortgage increased to 3.87 percent this week, up from 3.83 percent last week. Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that while average fixed mortgage rates move slightly higher this week, the average 30-year fixed-rate mortgage ends the year below four percent.NEW YORK (AP) — Stocks are rising moderately in early Wall Street trading on the final day of 2014, keeping the market on pace for its sixth consecutive year of gains.

A year ago at this time, the 15-year FRM averaged 3.55 percent. “While mortgage rates edged up this week, they remain near 2014 lows,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “Looking at full year data, the 30-year fixed-rate average for 2014 was 4.17 percent, the highest annual average since 2011. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to keep long-term rates low.

The Fed is expected to start raising its short-term policy rate in 2015, but longer-dated bond yields (and mortgage rates) won’t necessarily follow in lockstep. Also, the Conference Board reported that confidence among consumers rose in December and the S&P/Case-Shiller® Seasonally-Adjusted National house price index rose 4.6 percent over the 12-months ending in October 2014.” Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets.

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