Mortgage Rates Edge Higher

MCLEAN, VA--(Marketwired - May 9, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS^®), showing average fixed mortgage rates reversing their recent trend and moving higher for the first time in six weeks amid April's better than expected employment report. 

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.7 point for the week ending May 9, 2013, up from last week when it averaged 3.35 percent. Last year at this time, the 30-year FRM averaged 3.83 percent. 
• 15-year FRM this week averaged 2.61 percent with an average 0.7 point, up from last week when it averaged 2.56 percent. A year ago at this time, the 15-year FRM averaged 3.05 percent. 
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.58 percent this week with an average 0.5 point, up from last week when it averaged 2.56 percent. A year ago, the 5-year ARM averaged 2.81 percent.
• 1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.4 point, down from last week when it averaged 2.56 percent. At this time last year, the 1-year ARM averaged 2.73 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 following a solid employment report for April. The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year. On top of that, revisions added 114,000 more jobs to February and March as well. All of these factors allowed the unemployment rate to fall to 7.5 percent in April, the lowest since December 2008."

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.