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Kenton Becker
Loan Officer
Office: (206) 423-2552
 

NMLS #123961 ,
Washington #MLO-123961

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Fixed Mortgage Rates Fall for Third Consecutive Week

MCLEAN, VA--(Marketwired - Oct 3, 2013) - Freddie Mac (OTCQB: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling for the third consecutive week amid declining consumer confidence and the onset of the federal government shutdown. The average 30-year fixed rate mortgage is at its lowest level since the week ending June 20, 2013.

  • 30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point for the week ending October 3, 2013, down from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.36 percent.
  • 15-year FRM this week averaged 3.29 percent with an average 0.7 point, down from last week when it averaged 3.37 percent. A year ago at this time, the 15-year FRM averaged 2.69 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 2.72 percent.
  • 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.57 percent.
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Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"With the onset of the federal government shutdown and declining consumer confidence, fixed mortgage rates fell for the third consecutive week. Consumer sentiment fell for the second month in a row in September to its lowest reading since April, according to the University of Michigan. Moreover, a recent Bloomberg survey of professional forecasters suggests that a partial federal shutdown lasting one week would shave 0.1 percentage points off of GDP growth in the fourth quarter and even more if the shutdown lasts longer."

©2013 Freddie Mac

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You are receiving this communication because of an existing and/or past business relationship, or because you have consented to receive communications from Land Home. 10-07-13. Equal Housing Opportunity Lender. Rates, Program, Fees, and Guidelines are subject to change without notice. Not a commitment to lend. Land Home only conducts business in states we are approved to. Land Home Financial Services, 22525 SE 64th Place, Suite 220, Issaquah, WA 98027. Washington Consumer Loan License #CL-89331. NMLS ID # 89331. Kenton Becker Licenses: NMLS #123961; Washington #MLO-123961.  

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