Thursday, September 12, 2013

Freddie Mac: Mortgage Rates Hold Steady near Highs for Year

by Bill McBride on 9/12/2013 06:10:00 PM

From Freddie Mac today: Mortgage Rates Hold Steady

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates relatively unchanged from last week following a mixed employment report, and holding steady near their highs for the year. ...

30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.8 point for the week ending September 12, 2013, unchanged from last week. 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, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.85 percent.
The high this year for 30 year rates in the Freddie Mac survey was 4.58%, and the high for 15 year rates was 3.60%.

Mortgage rates and Refinance indexClick on graph for larger image.

This graph shows the 30 year fixed rate mortgage interest rate from the Freddie Mac Primary Mortgage Market Survey® compared to the MBA refinance index.

The refinance index has dropped sharply recently (down 71% since early May) and will probably decline further if rates stay at this level.