Freddie Mac today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates continuing to trend higher for the week on more market speculation that the Federal Reserve will reduce future bond purchases following June’s strong employment report.
- 30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.8 point for the week ending July 11, 2013, up from last week when it averaged 4.29 percent. Last year at this time, the 30-year FRM averaged 3.56 percent.
- 15-year FRM this week averaged 3.53 percent with an average 0.8 point, up from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.86 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.26 percent this week with an average 0.7 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.74 percent.
- 1-year Treasury-indexed ARM averaged 2.66 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.69 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.
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