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

NMLS #123961 ,
Washington #MLO-123961

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Mortgage Rates Seesaw

MCLEAN, VA--(Marketwired - Aug 1, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates increasing while still remaining relatively low helping to support the ongoing housing recovery, which is providing a positive contribution to the overall economy.

  • 30-year fixed-rate mortgage (FRM) averaged 4.39 percent with an average 0.7 point for the week ending August 1, 2013, up from last week when it averaged 4.31 percent. Last year at this time, the 30-year FRM averaged 3.55 percent.
  • 15-year FRM this week averaged 3.43 percent with an average 0.7 point, up from last week when it averaged 3.39 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 3.18 percent this week with an average 0.6 point, up from last week when it averaged 3.16 percent. A year ago, the 5-year ARM averaged 2.75 percent.
  • 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, down from last week when it averaged 2.65 percent. At this time last year, the 1-year ARM averaged 2.70 percent.
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Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Mortgage rates rose slightly leading up to the Federal Reserve's (Fed) monetary policy statement this week. The statement indicated no change in monetary policy. The Fed indicated that the economy expanded at a modest pace, but the unemployment rate remains elevated.

"With mortgage rates still relatively low, the housing recovery continues to support the overall economy. May's S&P/Case Shiller® 20-city composite index was up 12.2 percent from last May and represented the largest annual increase since March 2006. In addition, pending home sales in June hovered near a six-and-a-half year high. Finally, second-quarter GDP growth came in at 1.7 percent with residential fixed investment contributing 0.4 percent. This makes it the 11th consecutive quarter housing has made a positive contribution to real GDP growth."

©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. 08-05-13. 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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