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Mortgage Rates Hold

Mortgage Rates Hold

MCLEAN, VA--(Marketwired - Aug 15, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates largely unchanged from the previous week after bouncing around over the past few weeks on market speculation that the Federal Reserve will taper in its upcoming September monetary policy committee meeting. 

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.7 point for the week ending August 15, 2013, unchanged from last week. Last year at this time, the 30-year FRM averaged 3.62 percent. 
  • 15-year FRM this week averaged 3.44 percent with an average 0.6 point, up from last week when it averaged 3.43 percent. A year ago at this time, the 15-year FRM averaged 2.88 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.5 point, up from last week when it averaged 3.19 percent. A year ago, the 5-year ARM averaged 2.76 percent.
  • 1-year Treasury-indexed ARM averaged 2.67 percent this week with an average 0.4 point, up from last week when it averaged 2.62 percent. 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.

"Fixed mortgage rates have been bouncing around over the past few weeks on market speculation that the Fed will taper some of its monetary stimulus. In fact, 65 percent of economists surveyed by Bloomberg expect the Fed to reduce the amount of bond purchases at its September 17th and 18th monetary policy committee meetings. Currently, mortgage rates on 30-year fixed mortgages are 1.1 percentage points above their all-time low set on November 21, 2012, which translates into $125 more per month in mortgage payments on a $200,000 loan."

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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