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

NMLS #123961 ,
Washington #MLO-123961

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Mortgage Rates Reverse Course and Tick Down

MCLEAN, VA--(Marketwired - Jul 3, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates reversing course after last week's big jump that took rates to their highest levels since mid-2011. The average 30-year fixed-rate mortgage ticked down to 4.29 percent this week from 4.46 percent last week. Rates remain near historic lows and homebuyer affordability remains strong for the typical family in most parts of the country, which should help fuel the ongoing housing recovery.

  • 30-year fixed-rate mortgage (FRM) averaged 4.29 percent with an average 0.7 point for the week ending July 3, 2013, down from last week when it averaged 4.46 percent. Last year at this time, the 30-year FRM averaged 3.62 percent.
  • 15-year FRM this week averaged 3.39 percent with an average 0.7 point, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.7 point, up from last week when it averaged 3.08 percent. A year ago, the 5-year ARM averaged 2.79 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 2.68 percent.
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Quotes attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve's pullback in bond purchases eased somewhat. Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market. For instance, pending home sales rose 6.7% in May to the strongest pace in over six years. In addition, residential construction spending increased in four of the first five months this year."

©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. 07-08-13. 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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