MCLEAN, VA--(Marketwired - Aug 1, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates increasing while still remaining relatively low helping to support the ongoing housing recovery, which is providing a positive contribution to the overall economy.
- 30-year fixed-rate mortgage (FRM) averaged 4.39 percent with an average 0.7 point for the week ending August 1, 2013, up from last week when it averaged 4.31 percent. Last year at this time, the 30-year FRM averaged 3.55 percent.
- 15-year FRM this week averaged 3.43 percent with an average 0.7 point, up from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.83 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.6 point, up from last week when it averaged 3.16 percent. A year ago, the 5-year ARM averaged 2.75 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 2.70 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.
"Mortgage rates rose slightly leading up to the Federal Reserve's (Fed) monetary policy statement this week. The statement indicated no change in monetary policy. The Fed indicated that the economy expanded at a modest pace, but the unemployment rate remains elevated.
"With mortgage rates still relatively low, the housing recovery continues to support the overall economy. May's S&P/Case Shiller® 20-city composite index was up 12.2 percent from last May and represented the largest annual increase since March 2006. In addition, pending home sales in June hovered near a six-and-a-half year high. Finally, second-quarter GDP growth came in at 1.7 percent with residential fixed investment contributing 0.4 percent. This makes it the 11th consecutive quarter housing has made a positive contribution to real GDP growth."
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.