Skip to main content

Fixed-Rates Dip for the Fifth Consecutive Week and Inch Closer to the 3.30 Percent Mark

NationalMortgageProfessional.com
May 02, 2013

Freddie Mac  has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving lower for the fifth consecutive week amid the weaker than expected first quarter economic growth advance estimate. This week, the 30-year fixed-rate mortgage dropped to 3.35 percent is hovering just above its all-time record low of 3.31 percent set the week of Nov. 21, 2012, with an average 0.7 point for the week ending May 2, 2013, down from last week when it averaged 3.40 percent. Last year at this time, the 30-year FRM averaged 3.84 percent. Also this week, the 15-year fixed-rate mortgage set a new all-time record low at 2.56 percent, eclipsing the record set last week. A year ago at this time, the 15-year FRM averaged 3.07 percent. "Mortgage rates eased somewhat following the release of the advance estimate of real GDP growth for the first quarter of the year, which rose 2.5 percent but fell short of the market consensus forecast. The latest GDP report confirmed that the housing sector has become an important contributor to the economic recovery,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “Residential fixed investment added to overall economic growth over the past eight consecutive quarters and contributed more than 0.3 percentage points in growth over the first three months of this year. Moreover, near record low mortgage rates should further drive the housing market recovery over the near term." Also this week, the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.56 percent, with an average 0.5 point, down from last week when it averaged 2.58 percent. A year ago, the five-year ARM averaged 2.85 percent. The one-year Treasury-indexed ARM averaged 2.56 percent, with an average 0.3 point, down from last week when it averaged 2.62 percent. At this time last year, the one-year ARM averaged 2.70 percent.
Published
May 02, 2013
MBA Swears In New Officers For 2021-22

Kristy Fercho, executive vice president and head of home lending at Wells Fargo, is the new chairman.

Industry News
Oct 18, 2021
Wemlo Introduces Third-Party Processing Solution

Wemlo announced the first third-party mortgage processing solution, Loan Brokering System.

Tech
Oct 18, 2021
Nationwide Mortgage Bankers Names New COO

Nate Hernandez was named chief operating officer for Nationwide Mortgage Bankers.

Industry News
Oct 18, 2021
ICE Unveils Transaction-Based Indices For Residential Mortgage Interest Rates

Intercontinental Exchange Inc. launched its suite of U.S. residential mortgage locked rate indices.

Tech
Oct 18, 2021
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021