by Calculated Risk on 5/08/2014 05:48:00 PM

It is fun to try to guess future headlines, and it looks like we might see "Mortgage Rates down year-over-year" in late June.

From Freddie Mac: 30-Year Fixed-Rate Mortgage Hits Low for the Year

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down further and following the decline in Treasury yields as the economic growth for the first quarter came in well below market expectations. At 4.21 percent, the 30-year fixed-rate mortgage is at its lowest since the week of November 7, 2013.

30-year fixed-rate mortgage (FRM) averaged 4.21 percent with an average 0.6 point for the week ending May 8, 2014, down from last week when it averaged 4.29 percent. A year ago at this time, the 30-year FRM averaged 3.42 percent.

Click on graph for larger image.

Here is a graph of 30 year fixed mortgage rates - according to the 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 4.21%).