Housing Market Showing Signs of Stability Amid Still Uneasy Economy

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Housing Market Showing Signs of Stability Amid Still Uneasy Economy

Thu, 2014-06-19 14:48 — Phil Hall

NationalMortgageProfesionalMag6-25-14A pair of new reports issued today—Freddie Mac’s Primary Mortgage Market Survey (PMMS) and Zillow’s first quarter overview on all-cash purchases—offered a view that might suggest housing is showing evidence of stabilizing, even if the economy is still wobbling about. According to Freddie Mac, the 30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.6 point for the week ending June 19, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent. The 15-year FRM this week averaged 3.30 percent, with an average 0.5 point, down from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 3.04 percent.

Furthermore, the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged three percent this week with an average 0.4 point, down from last week when it averaged 3.05 percent. A year ago, the five-year ARM averaged 2.79 percent. The one-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.4 point, up from last week when it averaged 2.40 percent. At this time last year, the one-year ARM averaged 2.57 percent.

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