Freddie Mac, after releasing its financial statement in the third quarter of 2013, experienced a rapid hike in the mortgage rates after being low for the past few weeks. Despite the rise, the benchmark 30 year fixed mortgage rates remained close to the overall lower level.
The mortgage lender, Freddie Mac, revealed that the standard 30 year fixed rate mortgage loans averaged at a rate of 4.16%, up from 4.10% recorded in the previous week, and an average point of 0.8 for the week ending 7 November, 2013. Upon comparing the 30 year fixed mortgage rates calculated one year before, there has been a substantial increase in the rates. During the same time of the year, in 2012, the 30 year FRMs averaged at a rate of 3.40%.
As far as the shorter, 15 year fixed rate mortgages are considered, the Primary Mortgage Market Survey averaged them at a rate of 3.27% and an average point of 0.7. The rates have experienced a hike from last week, when the interest on 15 year FRMs was averaged at 3.20%. During the same time, about a year ago, the 15 year fixed rate mortgages were averaged at 2.69%.
5 year treasury indexed hybrid adjustable rate mortgages (ARM), which are the most unique financing options available with Freddie Mac, remained unchanged as compared to the last week’s rates. The 5 year ARMs averaged at a rate of 2.96% and an average point of 0.5. Compared with the results published last year, during the same time, the rates have not experienced much hike. The 5 year ARMs averaged at 2.73% at this time of the year in 2012.
When it comes to 1 year treasury indexed hybrid adjustable rate mortgages (ARM), Freddie Mac provides varied ARM loan plans at a rate of 2.61% and an average point of 0.5. The rates have come down from the last week’s survey results, which were averaged around 2.64%. Last year, at the same time, the 1 year ARMs schemes averaged at a rate of 2.59%.
Though the increased rates might have brought disappointment for the borrowers, the Q3 financial results have been enough to give the customers a reason to celebrate. Lately, Freddie Mac declared a profit of $30.5 Billion for the period from July to September. This is the eighth profitable quarter for the bank in a row and has given the mortgage market a ray of hope for the coming weeks.
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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