Average fixed mortgage rates in the U.S. fell in the latest
week, hitting new lows for 2014, according to mortgage-finance
company Freddie Mac (FMCC).
Freddie Mac Chief Economist Frank Nothaft stated Thursday that
mortgage rates fell along with yields on the benchmark 10-year
Treasury note, which closed at the lowest level since May 2013 on
Tuesday.
For the week ended Thursday, the 30-year fixed-rate mortgage
averaged 3.8%, compared with 3.93% a week earlier and 4.47% a year
earlier. Rates on 15-year fixed-rate mortgages averaged 3.09%,
compared with 3.2% the previous week and 3.52% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, were at 2.95%, compared with 2.98% the previous
week and 3% a year earlier. One-year Treasury-indexed ARM rates on
average were 2.38%, down from 2.4% the previous week and 2.56% a
year earlier.
Write to Tess Stynes at tess.stynes@wsj.com
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