Mortgage Rates Calm Down in Freddie Survey

Weekly rate averages scarcely moved in Freddie Macs latest survey, a contrast to the more pronounced swings seen in recent months.

The averages for the week ending Aug. 8 show fixed mortgage rates were relatively unchanged following a mixed employment report for July, said Frank Nothaft, vice president and chief economist at Freddie Mac, in a press release.

Since spiking more than a full percentage point in early May over taper talk, the average 30-year fixed-rate mortgage has seesawed week-to-week, while remaining below its recent high of 4.51% in mid-July, the government-sponsored enterprise said in its weekly rate report.

The average 30-year fixed-rate mortgage this week was just one basis point higher than the previous week at 4.4%, and the average 15-year FRM was unchanged at 3.43%.

The average rate for a five-year Treasury-indexed hybrid was up one basis point at 3.19% and the average rate for a one-year Treasury adjustable-rate mortgage was down two basis points at 2.62%.

Compared to a year ago, almost all the weekly rate averages Freddie tracks are higher, with the exception of the one-year Treasury ARM which averaged 2.65% a year ago. At that time, the average 30-year rate was 3.59%, the average 15-year rate was 2.84% and the average five-year Treasury hybrid rate was 2.77%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Mortgage-Rates-Calm-Down-Freddie-Survey-1038067-1.html

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