Mortgage Rates Ease Slightly, Remain Near Record Lows
MCLEAN, Va., Dec. 13, 2012
MCLEAN, Va., Dec. 13, 2012 /PRNewswire/ --Freddie Mac (OTC: FMCC) today
released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing
fixed mortgage rates easing slightly and remaining near record lows to keep
homebuyer affordability high and attractive to those looking to refinance.
o30-year fixed-rate mortgage (FRM) averaged 3.32 percent with an average
0.7 point for the week ending December 13, 2012, down from last week when
it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged
o15-year FRM this week averaged 2.66 percent with an average 0.6 point,
down from last week when it averaged 2.67 percent. A year ago at this
time, the 15-year FRM averaged 3.21 percent.
o5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged
2.70 percent this week with an average 0.6 point, up from last week when
it averaged 2.69 percent. A year ago, the 5-year ARM averaged 2.86
o1-year Treasury-indexed ARM averaged 2.53 percent this week with an
average 0.5 point, down from last week when it averaged 2.55. At this time
last year, the 1-year ARM averaged 2.81 percent.
Average commitment rates should be reported along with average fees and points
to reflect the total upfront cost of obtaining the mortgage. Visit the
following links for Regional and National Mortgage Rate Details and
Definitions. Borrowers may still pay closing costs which are not included in
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Mortgage rates held relatively steady following the November employment
report. Although 146,000 jobs were created, above the market consensus
forecast of 85,000, revisions subtracted 49,000 workers over the September and
October period. The unemployment rate fell from 7.9 to 7.7 percent. However,
in its December 12 monetary policy statement, the Federal Reserve (Fed) noted
that this rate remains elevated and modified the statement to tie any
increases to its target rate to the unemployment rate falling below 6.5
percent. The latest Fed central-tendency forecast is for unemployment to be
between 7.4 and 7.7 percent in the fourth quarter of 2013 and between 6.8 and
7.3 percent by late 2014."
Get the latest information from Freddie Mac's Office of the Chief Economist on
Freddie Mac was established by Congress in 1970 to provide liquidity,
stability and affordability to the nation's residential mortgage markets.
Freddie Mac supports communities across the nation by providing mortgage
capital to lenders. Today Freddie Mac is making home possible for one in four
homebuyers and is one of the largest sources of financing for multifamily
SOURCE Freddie Mac
Contact: Chad Wandler, +1-703-903-2446, Chad_Wandler@FreddieMac.com
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