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ECON: Freddie Mac Primary Mortgage Market Survey (from 4.40 to 4.58)
Posted to: Micro News
Thursday, August 22, 2013 10:04 AM
McLEAN, VA -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates following bond yields higher, and reaching new highs for the year, with the expectant release of the Fed’s comments around taper timing of its bond purchase program.
30-year fixed-rate mortgage (FRM) averaged 4.58 percent with an average 0.8 point for the week ending August 22, 2013, up from last week when it averaged 4.40 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
15-year FRM this week averaged 3.60 percent with an average 0.7 point, up from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. A year ago, the 5-year ARM averaged 2.80 percent.
1-year Treasury-indexed ARM averaged 2.67 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.66 percent.
“Fixed mortgage rates continued to follow bond yields higher leading up to the August 21st release of the Federal Reserve monetary policy committee’s minutes for July. In its July 30th and 31st meetings, the committee members were broadly comfortable with a plan to start reducing its bond purchases later this year, although a few emphasized the importance of being patient." - Frank Nothaft, Vice President and Chief Economist, Freddie Mac
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