SOURCE: Freddie Mac

Freddie Mac

October 17, 2013 10:00 ET

Fixed Mortgage Rates Edge Higher

MCLEAN, VA--(Marketwired - Oct 17, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging higher leading up to the federal budget deadline this week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.28 percent with an average 0.7 point for the week ending October 17, 2013, up from last week when it averaged 4.23 percent. A year ago at this time, the 30-year FRM averaged 3.37 percent. 

  • 15-year FRM this week averaged 3.33 percent with an average 0.7 point, up from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 2.66 percent. 

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.07 percent this week with an average 0.4 point, up from last week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.75 percent.

  • 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.4 point, down from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.60 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 Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Fixed mortgage rates edged up leading to the federal budget deadline this week. Recent confidence measures depict some of the effects of the government shutdown and uncertainty of the budget impasse. For instance, consumer sentiment in October fell for the second straight month to the lowest reading since January, according to the University of Michigan. Similarly, October's homebuilder confidence fell to a four-month low. However, despite these downturns in confidence, mortgage applications rose for the second consecutive week as of October 11th, elevated by increases in applications for refinancing."

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 www.FreddieMac.com and Twitter: @FreddieMac.

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