Mortgage rates defy experts to close year below 4%, Freddie Mac says

31 Dec 2014 | Author: | No comments yet »

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

Closing out a year of surprisingly low mortgage interest rates, the average rate for a conventional 30-year home loan was 3.87% this week, Freddie Mac said, up slightly from 3.83% a week ago. 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.

The home-financing giant reported that the 30-year rate averaged 4.17% for all of 2014, following two years of even lower rates fostered by the Federal Reserve’s easy-money policies aimed at spurring the economic recovery. 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. Volkswagen is telling owners who smell gas or see the electronic power control warning light go on to immediately bring the vehicle to a Volkswagen dealer to have the fuel system inspected.

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