3.87: Mortgage Rates Reach Year’s End Near 2014 Lows

• January 5, 2015

by Lark Turner

Mortgage rates ended 2014 near their lowest point of the year, hovering below 4 percent as they have for much of the fall.

The average rate on a 30-year fixed rate mortgage averaged 3.87 percent with an average 0.6 point for the week ending December 31, 2014, an increase from the previous week’s 3.83 percent. Last year at this time, the 30-year FRM averaged 4.53 percent.

Frank Nothaft, Freddie Mac’s chief economist, noted that overall, 2014 had averaged more than 4 percent.

“While mortgage rates edged up this week, they remain near 2014 lows,” he said in a release. “Looking at full year data, the 30-year fixed-rate average for 2014 was 4.17 percent, the highest annual average since 2011. Also, the Conference Board reported that confidence among consumers rose in December and the S&P/Case-Shiller Seasonally-Adjusted National house price index rose 4.6 percent over the 12-months ending in October 2014.”

UrbanTurf is following the path of the rates in this chart:

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

This article originally published at http://dc.urbanturf.com/articles/blog/3.87_mortgage_rates_reach_years_end_near_2014_lows/9366