The benchmark 30 year fixed mortgage rates continue to explore new heights for the second consecutive week. According to the new data released on the basis of the Primary Mortgage Market Survey of Freddie Mac (NYSE: FRE), the standard 30 year FRM loans have reached the highest level since the week ending 19 September, 2013, when it averaged at a rate of 4.50%.
For the week ending 14 November, 2013, the best 30 year fixed rate mortgage loans averaged at a rate of 4.35% and an average discount of 0.7 points at Freddie Mac. The rates have climbed up since last week, when the same financing schemes averaged at a rate of 4.16%. During the same period in 2012, the 30 year fixed rate mortgage loans averaged at a rate of 3.34%.
When it comes to the short tenure financing options, the 15 year fixed rate mortgages at Freddie Mac averaged at a rate of 3.35% and a discount of 0.7 points in today’s results. When compared to the last week, the rates have gone up from the mark of 3.27%. During the same time last year, the 15 year fixed rate mortgages averaged at a rate of 2.65%.
The popular 5 year treasury indexed hybrid adjustable rate mortgages averaged at a rate of 3.01% this week and an average discount of 0.4 points. The rates have increased from the last week’s rate of 2.96%. The 5 year ARM loans were averaged at a rate of 2.74% during the same time period, last year.
The relatively short-term, 1 year treasure indexed hybrid adjustable rate mortgages are averaged at a rate of 2.61% for the week ending 14 November, 2013, and an average discount of 0.4 points. It is the only options that haven’t been affected by the market changes and have remained unchanged as compared to the last week’s rates. Last year, during the same time period, the 1 year treasury indexed hybrid ARM loans were averaged at a rate of 2.55%.
According to a recent announcement, Fairholme Capital Management, led by Bruce Berkowitz, has offered to purchase the insurance business of Freddie Mac/Federal Home Loan Mortgage Corp. Lately, on Wednesday, Bruce Berkowitz delivered a letter to the US Treasury saying that he is planning on infusing a fresh capital worth $52 billion in the insurance business of the GSE’s (Government Sponsored Enterprises).
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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