Skip to main content

Mortgage Rates Begin Rollercoaster Ride and Dip Back Down to 4.29 Percent

NationalMortgageProfessional.com
Jul 03, 2013

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates reversing course after last week's big jump that took rates to their highest levels since mid-2011. The average 30-year fixed-rate mortgage (FRM) dropped down to 4.29 percent this week from 4.46 percent last week. Last year at this time, the 30-year FRM averaged 3.62 percent. The 15-year FRM averaged 3.39 percent with an average 0.7 point this week, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.  "Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve's pullback in bond purchases eased somewhat," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market. For instance, pending home sales rose 6.7% in May to the strongest pace in over six years. In addition, residential construction spendingincreased in four of the first five months this year." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.7 point, up from last week when it averaged 3.08 percent. A year ago, the five-year ARM averaged 2.79 percent. The one-year Treasury-indexed ARM averaged 2.66 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.68 percent.
Published
Jul 03, 2013
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021