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U.S. fixed mortgage rates fall on bad GDP data

English.news.cn   2014-06-27 02:37:20

WASHINGTON, June 26 (Xinhua) -- U.S. fixed mortgage rates fell for the second consecutive week, lower than the same period of last year, affected by the serious contraction in the first quarter GDP, said the Primary Mortgage Market Survey released Thursday by Freddie Mac.

The U.S. mortgage giant said the 30-year fixed-rate mortgage ( FRM) decreased from 4.17 percent in the previous week to 4.14 percent in the week ending Thursday, lower than the 4.46 percent of the same period last year.

The 15-year FRM, a popular guide for those looking to refinance, edged down to 3.22 percent this week from 3.30 percent in the prior week.

"Mortgage rates were down following the release of first quarter real GDP final estimate, which fell at a 2.9 percent annualized rate, a steeper than expected decline and the worst reading since the first quarter of 2009," said Freddie Mac's chief economist Frank Nothaft in a statement.

"Also, the seasonally-adjusted S&P/Case-Shiller 20-city home price index was up only 0.2 percent in April from the previous month," Nothaft said.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell from 3 percent last week to 2.98 percent this week, while the one-year Treasury-indexed ARM slid to 2.40 percent from 2.41 percent last week.

The U.S. housing market has showed signs of slowdown since the second half of last year, as sharp increases in home prices and limited inventories, as well as higher mortgage rates have discouraged many home buyers.

Editor: yan
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