MCLEAN, VA — (Marketwired) — 08/08/13 — (OTCQB: FMCC) today released the results of its (PMMS®), showing average fixed mortgage rates changing little on the heels of the July employment report which came in below the market consensus forecast. Since spiking more than a full percentage point in early May over taper talk, the average 30-year fixed-rate mortgage has seesawed week-to-week, while remaining below its recent high of 4.51 percent in mid-July.
(FRM) averaged 4.40 percent with an average 0.7 point for the week ending August 8, 2013, up from last week when it averaged 4.39 percent. Last year at this time, the 30-year FRM averaged 3.59 percent.
this week averaged 3.43 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.84 percent.
(ARM) averaged 3.19 percent this week with an average 0.5 point, up from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.77 percent.
averaged 2.62 percent this week with an average 0.3 point, down from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.65 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.
“Mortgage rates were relatively unchanged following a mixed employment for July. Even though the unemployment rate fell to 7.4 percent in July, which was the lowest since December 2008, the economy added only 161,000 jobs, short of the market consensus forecast. In addition, revisions subtracted 26,000 workers in the prior two months. Finally, hourly wages fell 0.1 percent in July, representing the first decline since October 2012.”
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: .
Image Available: