MCLEAN, VA–(Marketwire – Feb 7, 2013) – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing mortgage rates either unchanged or lower and should continue to aid in the ongoing housing recovery.
- 30-year fixed-rate mortgage (FRM) averaged 3.53 percent with an average 0.8 point for the week ending February 7, 2013, the same as last week. Last year at this time, the 30-year FRM averaged 3.87 percent.
- 15-year FRM this week averaged 2.77 percent with an average 0.7 point, down from last week when it averaged 2.81 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.63 percent this week with an average 0.6 point, down from last week when it averaged 2.70 percent. A year ago, the 5-year ARM averaged 2.83 percent.
- 1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.4 point, down from last week when it averaged 2.59 percent. At this time last year, the 1-year ARM averaged 2.78 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Mortgage rates were either unchanged or lower this week following a mostly positive employment data report for January. In January, the economy gained 157,000 new jobs and revisions to November and December added another 127,000 workers. On top of that, the annual benchmark update showed payrolls grew by an additional 424,000 jobs between April 2011 and March 2012. The only downside to the report was that the unemployment rate ticked up from 7.8 to 7.9 percent in January, which is still historically high.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com. Twitter: @FreddieMac