Mortgage rates down slightly for week ending July 17, 2014

Minnesota mortgage ratesMinneapolis, MN: Freddie Mac  today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates moving down slightly to remain near historic lows for the week ending July 17, 2014.

Mortgage Rate Averages

  • 30-year fixed rate mortgage averaged 4.13 percent with an average 0.6 point for the week ending July 17, 2014, down from last week when it averaged 4.15 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.
  • 15-year fixed rate mortgage this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 3.41 percent.
  • 5-year adjustable-rate mortgages (ARM) averaged 2.97 percent this week with an average 0.4 point, down from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.17 percent

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were little changed amid a week of light economic reports. Of the few releases, industrial production rose by 0.2 percent in June, below the market consensus forecast. Also, the producer price index for final demand rose 0.4 percent in June, rebounding from a 0.2 percent decline the prior month.”
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Freddie Mac’s survey is the average of loans bought from lenders  last week, including discount points. Applicants must pay all closing costs at these rates. No cost loan rates higher.  Follow this link to view today’s best MN, WI, and SD mortgage interest rates.


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