Wednesday, May 28, 2014

Average 30 Year Fixed Mortgage Rates decline to 4.08%

by Calculated Risk on 5/28/2014 01:46:00 PM

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 declined today to 4.08% from 4.16% yesterday.

One year ago rates were at 3.81% and rising. If the current rate holds, mortgage rates will be down year-over-year in about 3 weeks. As MND told me "Many borrowers would be getting quoted the same rates a year ago today".

Here is a table from Mortgage News Daily: