Skip to main content

Fed Taper Speculation Forces Rates to Drop to 4.51 Percent

NationalMortgageProfessional.com
Aug 29, 2013

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates dropping from the previous week as the Federal Reserve's bond purchase program continues to drive market speculation. The 30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.7 point for the week ending Aug. 29, 2013, down from last week when it averaged 4.58 percent. Last year at this time, the 30-year FRM averaged 3.59 percent. Also this week, the 15-year FRM averaged 3.54 percent with an average 0.7 point, down from last week when it averaged 3.60 percent. A year ago at this time, the 15-year FRM averaged 2.86 percent.   "The Fed is monitoring the housing market closely after the run up in mortgage rates over the past few months," said Frank Nothaft, vice president and chief economist, Freddie Mac. "The 13.4 percent drop in new home sales in July led financial markets to speculate whether the Fed might delay reducing its bond purchases and allowed long-term bond yields and fixed mortgage rates to decline over the week." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.24 percent this week with an average 0.5 point, up from last week when it averaged 3.21 percent. A year ago, the five-year ARM averaged 2.78 percent. The one-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, up from last week when it averaged 2.67 percent. At this time last year, the one-year ARM averaged 2.63 percent.
Published
Aug 29, 2013
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
SRE Mortgage Alliance 'Restructuring & Reorganizing'

Owner of technology-based wholesale residential mortgage lender in El Segundo to determine organization's future.

Wholesale
Oct 15, 2021
Ginnie Mae Issued Record MBS Volume In FY2021

The record $939 billion issued included nearly $73 billion in September.

Industry News
Oct 14, 2021
UWM Completes Test Of Cryptocurrency Mortgage Payments

United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.

Industry News
Oct 14, 2021
Arvielo Re-Appointed To HUD Advisory Committee

Nationwide mortgage lender New American Funding’s Co-Founder and President Patty Arvielo has been re-appointed to serve on the U.S. Department of Housing & Urban Development's Housing Counseling Federal Advisory Committee.

Industry News
Oct 13, 2021