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Mortgage Rates Continue Trending Higher

Mortgage Rates Continue Trending Higher

MCLEAN, VA--(Marketwired - Jul 11, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates continuing to trend higher for the week on more market speculation that the Federal Reserve will reduce future bond purchases following June's strong employment report.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.8 point for the week ending July 11, 2013, up from last week when it averaged 4.29 percent. Last year at this time, the 30-year FRM averaged 3.56 percent. 

  • 15-year FRM this week averaged 3.53 percent with an average 0.8 point, up from last week when it averaged 3.39 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 3.26 percent this week with an average 0.7 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.74 percent.

  • 1-year Treasury-indexed ARM averaged 2.66 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.69 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.

"June's strong employment led to more market speculation that the Federal Reserve will reduce future bond purchases causing bond yields to rise and mortgage rates followed. The economy gained 195,000 jobs in June, above the market consensus forecast, while revisions to the prior two months added 70,000 on top of that. Moreover, hourly wages rose by 2.2 percent over the last 12 months and represented the largest annual increase in nearly two years. However, the minutes of the June 18th and 19th Federal Reserve's monetary policy committee meeting, released July 10th, stated that many members indicated further improvement in the outlook for the labor market would be required before it would be appropriate to slow the pace of bond purchases."

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.








 

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.


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