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

 

NMLS #123961 ,
Washington #MLO-123961

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Mortgage Rates Move Higher
for Second Consecutive Week

MCLEAN, VA--(Marketwired - May 16, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages following U.S. Treasury bond yields higher this week on signs of stronger consumer spending.

  • 30-year fixed-rate mortgage (FRM) averaged 3.51 percent with an average 0.7 point for the week ending May 16, 2013, up from last week when it averaged 3.42 percent. Last year at this time, the 30-year FRM averaged 3.79 percent.
  • 15-year FRM this week averaged 2.69 percent with an average 0.7 point, up from last week when it averaged 2.61 percent. A year ago at this time, the 15-year FRM averaged 3.04 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.62 percent this week with an average 0.5 point, up from last week when it averaged 2.58 percent. A year ago, the 5-year ARM averaged 2.83 percent.
  • 1-year Treasury-indexed ARM averaged 2.55 percent this week with an average 0.4 point, up from last week when it averaged 2.53 percent. At this time last year, the 1-year ARM averaged 2.78 percent.
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According to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending. Advanced retail sales rose 0.1 percent in April, above the market forecast consensus of a 0.3 percent decline. Excluding such items as automobiles and gasoline, sales were up 0.5 percent for the second time in three months.

"Households are also shoring up their balance sheets. Total household debt fell by about $110 billion in the first quarter. In addition, approximately 3.0 million homeowners were seriously delinquent (90 days or more delinquent or in foreclosure) on their first mortgages, down from a peak of about 5.1 million in the fourth quarter of 2009."

©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. 05-20-13. 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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