by Bill McBride on 6/10/2014 07:18:00 PM
Tuesday, June 10, 2014
It is fun to try to guess future headlines, and it looks like we might see "Mortgage Rates down year-over-year" in a couple of weeks.
I use the weekly Freddie Mac Primary Mortgage Market Survey® (PMMS®) to track mortgage rates. The PMMS series started in 1971, so there is a fairly long historical series.
For daily rates, the Mortgage News Daily has a series that tracks the PMMS very well, and is usually updated daily around 3 PM ET. The MND data is based on actual lender rate sheets, and is mostly "the average no-point, no-origination rate for top-tier borrowers with flawless scenarios". (this tracks the Freddie Mac series).
MND reports that average 30 Year fixed mortgage rates increased today to 4.25% from 4.23% yesterday.
One year ago rates were at 4.05% and rising. If the current rate holds, mortgage rates will be down year-over-year in less than 2 weeks.
Here is a table from Mortgage News Daily:
Click on graph for larger image.
Here is a graph of 30 year fixed mortgage rates - according to the Freddie Mac PMMS® - for 2013 (blue) and 2014 (red).
Mortgage rates jumped to 4.46% in late June 2013, and it is possible that rates will be lower in late June 2014 (currently 4.25% according to Mortgage News Daily).