MCLEAN, VA–(Marketwired – Nov 27, 2013) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage increasing slightly heading into the holiday amid mixed housing data on pending home sales and house price gains.
- 30-year fixed-rate mortgage (FRM) averaged 4.29 percent with an average 0.7 point for the week ending November 27, 2013, up from last week when it averaged 4.22 percent. A year ago at this time, the 30-year FRM averaged 3.32 percent.
- 15-year FRM this week averaged 3.30 percent with an average 0.7 point, up from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.64 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent this week with an average 0.5 point, down from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 2.72 percent.
- 1-year Treasury-indexed ARM averaged 2.60 percent this week with an average 0.4 point, down from last week when it averaged 2.61 percent. At this time last year, the 1-year ARM averaged 2.56 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.
“Fixed mortgage rates retraced some of their decline of the prior week as housing data portrayed mixed signals. The National Association of Realtors reported that their pending sales metric dipped for the fifth consecutive month and was slightly below year-ago levels, presaging a softening in sales near yearend. Nonetheless, house prices rose as homes-for-sale inventory remained tight in many markets. The SP/Case-Shiller House Price index released yesterday showed prices in the 20 largest cities increased 13.3 percent annually in September, the highest year-over-year increase since February 2006, and a bit stronger than the Federal Housing Finance Agency’s U.S.-wide Purchase-Only index, which appreciated 8.5 percent over the same period.”
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.
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