An upbeat economic picture took the mortgage interest rates at Freddie Mac to a higher ground for the week ending 7 November, 2013. In the latest results of the Primary Mortgage Market Survey conducted by the bank, the benchmark 30 year fixed mortgage rates ticked towards the high mark for the first time in the past three weeks.
In the latest results, the 30 year fixed rate mortgage loan schemes available at Freddie Mac went up from 4.10% to 4.16% this week, with an average fees and discount points of 0.8. In 2012, at the same time of the year, the 30 year fixed mortgage options available with the lender averaged at a rate of 3.40%.
The shorter, 15 year fixed rate mortgage loans averaged at 3.27% for the week ending 7 November, 2013, and an average discount and fees point of 0.7. The rates went up in comparison to the last week’s results, when the same 15 year FRMs averaged at a rate of 3.20%. About a year ago, during the same period, the 15 year fixed rate mortgages were averaged at a rate of 2.69%.
Talking about the best 5 year treasury indexed hybrid adjustable rate mortgage (ARM), for which Freddie Mac is famous among the borrowers, this week’s results listed them at an average rate of 2.96% and an average point of 0.5. The rates have remained unchanged from the last week’s rates, but when compared to the rates registered during the same time of the year in 2012, which was 2.73%, the present state of the mortgage market cannot be considered that bad.
Lastly, the 1 year treasury indexed hybrid adjustable rate mortgage options have been averaged at 2.61% and an average discount point of 0.5 this week. This is the only area where the rates have experienced a downfall from the last week’s results, when it averaged around 2.64%. At the same time of the year in 2012, the 1 year ARMs averaged at a rate of 2.59%.
With the mortgage rates moving higher after about 3 weeks, today, Freddie Mac announced to pay an amount of $30.4 billion in dividends to the US Treasury in the light of impressive third quarter earnings.
According to the inside reports, Freddie Mac’s recent third-quarter financial results have been quite impressive as the bank did benefit significantly from the strong appreciation of the reality prices. The payment is being made to the US Government with an expectation that the home-price growth will remain moderate in the time to come and the bank will do a good business.
Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.
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