McLean, U.S.A. — Freddie Mac released the results of its Primary Mortgage Market Survey showing fixed mortgages rates breaking their streak of record-breaking lows and moving higher on mixed Eurozone and domestic economic data. Before this week, the average rate on the 30-year fixed had fallen to or matched record-low levels in 13 of the past 14 weeks.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.7 point for the week ending August 2, 2012, up from last week when it averaged 3.49 percent. Last year at this time, the 30-year FRM averaged 4.39 percent. 15-year FRM this week averaged 2.83 percent with an average 0.6 point, up from last week when it averaged 2.80 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.6 point, up from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 3.18 percent.
• 1-year Treasury-indexed ARM averaged 2.70 percent this week with an average 0.4 point, down from last week when it averaged 2.71 percent. At this time last year, the 1-year ARM averaged 3.02 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 Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

“Recent announcements of additional debt relief for the Eurozone and mixed domestic economic indicators added upward pressure on Treasury yields as well as mortgage rates this week. The U.S. economy grew at a 1.5 percent annualized rate in the second quarter, slower than the 2.0 percent growth in the first quarter with consumer spending in June unchanged from May. However, consumer confidence rose in July for the first time in five months according to The Conference Board.

“Housing data were also assorted. The S&P-500 Case Shiller 20-City Composite Index rose for the fourth consecutive month in May with 18 of the cities experiencing positive growth. Nonetheless, pending home sales fell 1.4 percent in June, below the market consensus forecast of a 0.3 percent increase, and May’s figure had a downward revision.” - Frank Nothaft, vice president and chief economist, Freddie Mac.

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Freddie Mac recently released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates finishing the year near their all-time historic lows helping to keep homebuyer affordability high. Averaging 3.95%, the 30-year fixed has been at or below 4.00% for the past nine consecutive weeks and only twice in 2011 did it average above 5.00%.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.95% with an average 0.7 point for the week ending December 29, 2011, up from last week when it averaged 3.91%. Last year at this time, the 30-year FRM averaged 4.86%.
• 15-year FRM this week averaged 3.24% with an average 0.8 point, up from last week when it averaged 3.21%. A year ago at this time, the 15-year FRM averaged 4.20%.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88% this week, with an average 0.6 point, up from last week when it averaged 2.85%. A year ago, the 5-year ARM averaged 3.77%.
• 1-year Treasury-indexed ARM averaged 2.78% this week with an average 0.6 point, up from last week when it averaged 2.77%. At this time last year, the 1-year ARM averaged 3.26%.

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 Regional and National Mortgage Rate Details and Definitions. 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 ended the year hovering near historic lows in an already affordable housing market. For instance, the seasonally-adjusted S&P/Case-Shiller 20-City Composite home price index in October was the lowest seen since March 2003. The largest hit areas were Las Vegas with the lowest reading since January 1997 and Atlanta which was since June 1998.

  It’s not surprising then that over 5% of households in December plan to purchase a home over the next six months, the highest share since May, according to The Conference Board.”

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