Skip to Page Content | Skip to Site Navigation | Skip to Section Navigation

Mortgage Rates Break Holding Pattern, Move Lower

Mortgage rates move lower leading up to the spring home buying season

MCLEAN, VA--(Marketwire - Feb 28, 2013) -  Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower after being largely unchanged over the past month, while continuing to help drive the housing recovery leading up to the spring home buying season.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.51 percent with an average 0.8 point for the week ending February 28, 2013, down from last week when it averaged 3.56 percent. Last year at this time, the 30-year FRM averaged 3.90 percent. 

  • 15-year FRM this week averaged 2.76 percent with an average 0.8 point, down from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.17 percent. 

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.61 percent this week with an average 0.6 point, down from last week when it averaged 2.64 percent. A year ago, the 5-year ARM averaged 2.83 percent.

  • 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, down from last week when it averaged 2.65 percent. At this time last year, the 1-year ARM averaged 2.72 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.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Mortgage rates eased somewhat as the consumer price index in February held steady for the second month in a row. House price indicators, however, showed gains in 2012. The S&P/Case-Shiller® national home price index rose 7.3 percent last year, reflecting the largest four-quarter growth since the third quarter of 2006. This, in part, was a driving force that pushed up the number of existing and new home sales in February to the highest levels since July 2007 and July 2008, respectively."

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 housing. www.FreddieMac.com. Twitter: @FreddieMac



MEDIA CONTACT:
Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com

 

The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac's future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company's future results are discussed more fully in our reports filed with the SEC.


Print Email RSS            
         

Get RSS Feed

Sign Up For Email Alerts

Connect With Us

Media Contact

For press inquiries only:

General
E-mail
(703) 903-3933

Non-press inquiries

Get the Picture

How are our local, state, and national housing markets faring? MiMi, our new housing index, explains.

Financial Results

CEO Don Layton discusses our third quarter 2014 financial results with the media.
Listen now

Our Commitment

Our commitment

See how our commitment to you and the nation is moving housing forward.

Search News Room

Back to Top