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Kenton Becker
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NMLS #123961 ,
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Mortgage Rates Stage for
Start of Spring Homebuying Season

MCLEAN, VA--(Marketwire - Mar 21, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates reversing course from the previous week and heading lower with the start of the spring homebuying season. As of this week, the 30-year fixed has remained below 4 percent for a year.

  • 30-year fixed-rate mortgage (FRM) averaged 3.54 percent with an average 0.8 point for the week ending March 21, 2013, down from last week when it averaged 3.63 percent. Last year at this time, the 30-year FRM averaged 4.08 percent.
  • 15-year FRM this week averaged 2.72 percent with an average 0.7 point, down from last week when it averaged 2.79 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.61 percent this week with an average 0.6 point, the same as last week. A year ago, the 5-year ARM averaged 2.96 percent.
  • 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.4 point, down from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.84 percent.
 
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According to Frank Nothaft, vice president and chief economist, Freddie Mac:

"Low and stable inflation is placing downward pressure on fixed mortgage rates. Annual growth in the consumer price index has remained at or below 2 percent for the past four months, and for the producer price index even lower. This, in part, is why the Federal Reserve monetary policy committee on March 20th lowered the upper end of its inflation forecast for 2013. In addition, our March Outlook calls for 30-year fixed mortgage rates to remain below 4 percent throughout this year."

©2013 Freddie Mac

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3-25-13. You are receiving this communication because of an existing and/or past valued business relationship, or because you have consented to receive communications from Land Home. 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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