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

NMLS #123961 ,
Washington #MLO-123961

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Mortgage Rates Cool Off

MCLEAN, VA--(Marketwired - Jul 18, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates easing along with market concerns over the Federal Reserve's bond purchase program.

  • 30-year fixed-rate mortgage (FRM) averaged 4.37 percent with an average 0.7 point for the week ending July 18, 2013, down from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 3.53 percent.
  • 15-year FRM this week averaged 3.41 percent with an average 0.7 point, down from last week when it averaged 3.53 percent. A year ago at this time, the 15-year FRM averaged 2.83 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.6 point, down from last week when it averaged 3.26 percent. A year ago, the 5-year ARM averaged 2.69 percent.
  • 1-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 1-year ARM averaged 2.69 percent.
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Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Fixed mortgage rates fell as Federal Reserve (Fed) Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases. During a question and answer session following a speech on July 10th, Chairman Bernanke indicated that a highly accommodative monetary policy is what's needed in the U.S. economy.

"Indications of a slowing in the economic recovery also placed downward pressure on mortgage rates. Consumer sentiment fell to a three month low in July while retail sales in June grew by only 0.4 percent, which was half of the market consensus forecast. In addition, housing starts fell in June to the slowest pace since August 2012."

©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. 07-22-13. 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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