MCLEAN, VA — (Marketwired) — 10/03/13 — (OTCQB: FMCC) today released the results of its (PMMS®), showing average fixed mortgage rates falling for the third consecutive week amid declining consumer confidence and the onset of the federal government shutdown. The average 30-year fixed rate mortgage is at its lowest level since the week ending June 20, 2013.
(FRM) averaged 4.22 percent with an average 0.7 point for the week ending October 3, 2013, down from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.36 percent.
this week averaged 3.29 percent with an average 0.7 point, down from last week when it averaged 3.37 percent. A year ago at this time, the 15-year FRM averaged 2.69 percent.
(ARM) averaged 3.03 percent this week with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 2.72 percent.
averaged 2.63 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.57 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.
“With the onset of the federal government shutdown and declining consumer confidence, fixed mortgage rates fell for the third consecutive week. fell for the second month in a row in September to its lowest reading since April, according to the University of Michigan. Moreover, a recent Bloomberg of professional forecasters suggests that a partial federal shutdown lasting one week would shave 0.1 percentage points off of GDP growth in the fourth quarter and even more if the shutdown lasts longer.”
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: .
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