Mortgage Rates Fluctuating Over Taper Turbulence
MCLEAN, VA -- (Marketwired) -- 08/29/13 -- Freddie Mac (OTCQB: FMCC)
today released the results of its Primary Mortgage Market Survey(R)
(PMMS(R)), showing average fixed mortgage rates moving lower from the
previous week as the Federal Reserve's (Fed) bond purchase program
continues to drive market speculation.
-- 30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an
average 0.7 point for the week ending August 22, 2013, down from last
week when it averaged 4.58 percent. A year ago at this time, the
30-year FRM averaged 3.59 percent.
-- 15-year FRM this week averaged 3.54 percent with an average 0.7 point,
down from last week when it averaged 3.60 percent. A year ago at this
time, the 15-year FRM averaged 2.86 percent.
-- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged
3.24 percent this week with an average 0.5 point, up from last week
when it averaged 3.21 percent. A year ago, the 5-year ARM averaged
-- 1-year Treasury-indexed ARM averaged 2.64 percent this week with an
average 0.4 point, up from last week when it averaged 2.67 percent. At
this time last year, the 1-year ARM averaged 2.63 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 the Regional and National Mortgage Rate
Details and Definitions. Borrowers may still pay closing costs which
are not included in the survey.
Attributed to Frank Nothaft,
vice president and chief economist, Freddie Mac.
"The Fed is monitoring the housing market closely after the run up in
mortgage rates over the past few months. The 13.4 percent drop in new
home sales in July led financial markets to speculate whether the Fed
might delay reducing its bond purchases and allowed long-term bond
yields and fixed mortgage rates to decline over the week."
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 home borrowers and is one of the
largest sources of financing for multifamily housing. For more
information please visit www.FreddieMac.com and Twitter: @FreddieMac.
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