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Tuesday, September 3, 2013

All Eyes on Mortgage Rates

All Eyes are on Mortgage Rates

Mortgage rates reversed course this week and inched lower after hitting a two-year high last week, Freddie Mac reports in its weekly mortgage market survey.

Rates have been rising since May but have bounced around in recent weeks as speculation mounts that the Fed may soon end its bond-purchasing program, which helped keep rates at or near record lows. 

"The Fed is monitoring the housing market closely after the run-up in mortgage rates over the past few months,” says Frank Nothaft, Freddie Mac’s chief economist. “The 13.4 percent drop in new-home sales in July led financial markets to speculate whether the Fed might delay reducing its bond purchases and allowed long-term bond yields and fixed mortgage rates to decline over the week."

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 29: 

  • 30-year fixed-rate mortgages: averaged 4.51 percent, with an average 0.7 point, dropping from last week’s 4.58 percent average. Last year at this time, 30-year rates averaged 3.59 percent. 
  • 15-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.7 point, dropping from last week’s 3.60 percent average. Last year at this time, 15-year rates averaged 2.86 percent. 
  • 5-year hybrid adjustable-rate mortgages: averaged 3.24 percent, with an average 0.5 point, rising from last week’s 3.21 percent average. Last year at this time, 5-year ARMs averaged 2.78 percent. 
  • 1-year ARMs: averaged 2.64 percent, with an average 0.4 point, dropping from last week’s 2.67 percent average. A year ago, 1-year ARMs averaged 2.63 percent.  

Source: Freddie Mac

Posted By Amy Preister At 9:44 AM • Comments (0) Trackbacks (0)
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