MCLEAN, VA — (Marketwired) — 08/22/13 — (OTCQB: FMCC) today released the results of its (PMMS®), showing average fixed mortgage rates following bond yields higher, and reaching new highs for the year, with the expectant release of the Fed-s comments around taper timing of its bond purchase program.
(FRM) averaged 4.58 percent with an average 0.8 point for the week ending August 22, 2013, up from last week when it averaged 4.40 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
this week averaged 3.60 percent with an average 0.7 point, up from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
(ARM) averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. A year ago, the 5-year ARM averaged 2.80 percent.
averaged 2.67 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.66 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 and . Borrowers may still pay closing costs which are not included in the survey.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Fixed mortgage rates continued to follow bond yields higher leading up to the August 21st release of the Federal Reserve monetary policy committee-s for July. In its July 30th and 31st meetings, the committee members were broadly comfortable with a plan to start reducing its bond purchases later this year, although a few emphasized the importance of being patient.
“Meeting participants acknowledged mortgage rate increases might restrain housing market activity, but several members expressed confidence the housing recovery would be resilient in the face of higher rates. In fact, increased in July to the strongest pace since November 2009 and in August rose to its highest reading since November 2005. Both increases occurred after mortgage rates had risen from their spring-time lows.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation-s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit and Twitter: .