Mortgage Rates up on Signs of Stronger Economic Recovery

MCLEAN, VA--(Marketwired - Sep 5, 2013) -  Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average fixed mortgage rates moving back up near their highs for the year amid recent data pointing to signs of a stronger economic recovery, as well as positive news coming from the housing and manufacturing sectors.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.7 point for the week ending September 5, 2013, up from last week when it averaged 4.51 percent. A year ago at this time, the 30-year FRM averaged 3.55 percent. 
  
  
• 15-year FRM this week averaged 3.59 percent with an average 0.7 point, up from last week when it averaged 3.54 percent. A year ago at this time, the 15-year FRM averaged 2.86 percent. 
  
  
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week with an average 0.5 point, up from last week when it averaged 3.24 percent. A year ago, the 5-year ARM averaged 2.75 percent.
  
  
• 1-year Treasury-indexed ARM averaged 2.71 percent this week with an average 0.5 point, up from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.61 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.

"Mortgage rates edged up this week on signs of a stronger economic recovery. Real GDP was revised upwards to 2.5 percent growth in the second quarter of this year. In addition, residential construction spending rose for a ninth consecutive month in July. Lastly, the manufacturing industry expanded by the fastest pace in August since June 2011."

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.