Freddie Mac / Federal Home Loan Mortgage Corp OTCBB:FMCC declared that
on long term, fixed rate mortgages were marginally up this week ending Thursday. Rates for 30-year fixed rate mortgages ticked up from 4.47% to 4.48% with an average 0.7 points, in the past week, says a report from Bloomberg.
Freddie Mac: Mortgage rates changed marginally
In the previous year, rates for the 30 year fixed rate
averaged 3.35%. Separately, rates for 15 year fixed-rate mortgages increased from 3.51% to 3.52% with an average 0.7% points this week compared to the same week, previous year when 15 year, fixed-rate loans averaged 2.65%.
In the segment of shorter duration loans, rates for five years Treasury-indexed, hybrid adjustable-rate mortgages came in at 3% this week with an average 0.4% point. In the previous week, rates averaged 2.96% compared to 2.7% in the previous year.
Rates for one-year treasury-indexed, adjustable-rate loans averaged 2.56% in the current week, which is a decline from 2.57% in the week ago. One year loan came in at 0.5 point. In the same week a year ago, rates for the one-year, adjustable-rate loans averaged 2.56%.
Frank Nothaft, Freddie Mac / Federal Home Loan Mortgage Corp OTCBB:FMCC’s vice president and chief economist said that the mortgage rates went through some
. “Real GDP was revised upwards to 4.1 percent growth in the third quarter." He added that the existing home sales declined 4.3% to a seasonally adjusted annual rate of 4,900,000 in November.
Freddie Mac: Shutdown might have affected home sales
The latest data from the Mortgage Bankers Association MBA revealed that mortgage applications declined last week also. Meanwhile, the Market Composite Index, which is a gauge for total loan application volume, declined 6.3%. The refinance Index dropped 8% and Purchase Index dropped 4%.