Amidst the more positive economic results coming from the manufacturing as well as the non-manufacturing sectors, the benchmark 30 year fixed mortgage rates at Freddie Mac took a higher ground today for the first time after enjoying a stay on the lower floors for the past three weeks.
According to the recent results of the Primary Mortgage Market Survey, the 30 year fixed rate mortgage schemes averaged at 4.16% for the week ending on 7 November 2013, with an average fees and points of 0.8, elevating from last week’s average rate of 4.10%. About a year ago, during the same time, the 30 year fixed rate mortgages at Freddie Mac averaged at a rate of 3.40%.
Talking about the short term, 15 year fixed rate mortgages, the borrowers can acquire these options at an average rate of 3.27% this week and an average point of 0.7. The rates have gone up from the previous week’s results, when these short term schemes averaged at 3.20%. In the results of the survey conducted during the same time of the year in 2012, the 15 year FRMs can be seen quoted at an average rate of 2.69%.
The 5 year treasury indexed hybrid adjustable rate mortgage (ARM) options are something that have always managed to give a little more popularity to Freddie Mac’s loan portfolio than any other bank. This week, the 5 year ARMs have been averaged at 2.96% and an average 0.5 fees and point, remaining unchanged from the previous week’s results. In November 2012, the 5 year adjustable rate mortgages averaged at 2.73%.
Coming to the 1 year treasury indexed hybrid adjustable rate mortgage (ARM) schemes, this week’s survey averaged them at 2.61% and an average of 0.5 points. In this case, the rates have gone down from the rates calculated for the week ending 31 October, when it averaged at 2.64%. Comparing with the figure recorded in the survey conducted during the same time of the year in 2012, when the 1 year ARMs averaged at 2.59%, there hasn’t been a significant hike in the rates.
Freddie Mac released the new weekly rates along with reporting its Third Quarter Financial Results of 2013. Along with it, the bank also filed its Form 10-Q for the third quarter with the US Securities and Exchange Commission today, the details of which are available for the investors and shareholders on the bank’s website, along with its Third Quarter Financial Results Supplement for 2013 and Consolidated Financial Statements of the Third Quarter.
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.
For comments and suggestions, leave a message in the comments section below. Like and Follow our Facebook page for more stories and to stay up-to-date with the latest happenings.