Freddie Mac released the results of their Primary Mortgage Market Survey (PMMS) for the week ending December 18, 2014. Each interest rate category in the PMMS saw decreases from the previous week with the average 30-year fixed rate mortgage (FRM) interest rate hitting an all-time low for 2014. Freddie Mac attributed the declines in interest rates to the 10-year Treasury yields that “closed at their lowest level since May 2013.”
The latest PMMS showed that the average 30-year FRM was 3.80%, down from 3.93% the previous week and well below the 4.47% from the same time last year. Compared to last week, the average 15-year FRM dropped from 3.20% to 3.09%. Both the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rate and the 1-year Treasury-indexed ARM rate saw minor declines in this week’s PMMS as well. Read more at http://mwne.ws/1ABw3He.