Freddie Mac (OTC: FMCC) yesterday
released the results of its
Primary Mortgage Market Survey (PMMS), showing fixed mortgage
rates moving higher following stronger-than-expected employment
reports. The 30-year fixed averaged 3.59 percent, and the 15-year
fixed averaged, 2.84 percent, still near the historic low.
News Facts
-
30-year fixed-rate mortgage (FRM) averaged 3.59 percent with
an average 0.6 point for the week ending August 9, 2012, up from
last week when it averaged 3.55 percent. Last year at this time,
the 30-year FRM averaged 4.32 percent.
-
15-year FRM this week averaged 2.84 percent with an average
0.6 point, up from last week when it averaged 2.83 percent.
A year ago at this time, the 15-year FRM averaged 3.50
percent.
-
5-year Treasury-indexed hybrid adjustable-rate mortgage
(ARM) averaged 2.77 percent this week with an average 0.6 point,
up from last week when it averaged 2.75 percent. A year ago, the
5-year ARM averaged 3.13 percent.
-
1-year Treasury-indexed ARM averaged 2.65 percent this week
with an average 0.4 point, down from last week when it averaged
2.70 percent. At this time last year, the 1-year ARM averaged
2.89 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
Regional and National Mortgage Rate Details and
Definitions. Borrowers may still pay closing costs which are not
included in the survey.
Quotes
Attributed to Frank Nothaft, vice president and chief economist,
Freddie Mac.
- "Fixed mortgage rates inched up again this week following
stronger-than-expected employment reports. The economy added
163,000
jobs in July, well above the market consensus forecast of
100,000, and the largest increase since February. In addition,
the number of announced corporate
layoffs fell 45 percent in July compared to last July and
was the third time this year that announced layoffs were less
than the same month in 2011 according to The Challenger Report.
This suggests further net gains in employment are likely in the
near future."
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