Update: Will Mortgage Rates be down year-over-year in late June?

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

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 increased today to 4.25% from 4.23% yesterday.

One year ago rates were at 4.05% and rising. If the current rate holds, mortgage rates will be down year-over-year in less than 2 weeks.

Here is a table from Mortgage News Daily:

Home Loan Rates

View More Refinance Rates

Click on graph for larger image.

Here is a graph of 30 year fixed mortgage rates - according to the Freddie Mac 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 4.25% according to Mortgage News Daily).