Mortgage Rates Hold

News Facts 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.7 point for the week ending August 15, 2013, unchanged from last week. Last year at this time, the 30-year FRM averaged 3.62 percent. 15-year FRM this week averaged 3.44 percent with an average 0.6 point, up from last week when it averaged 3.43 percent. A year ago at this time, the 15-year FRM averaged 2.88 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.5 point, up from last week when it averaged 3.19 percent. A year ago, the 5-year ARM averaged 2.76 percent. 1-year Treasury-indexed ARM averaged 2.67 percent this week with an average 0.4 point, up from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.69 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. "Fixed mortgage rates have been bouncing around over the past few weeks on market speculation that the Fed will taper some of its monetary stimulus. In fact, 65 percent of economists surveyed by Bloomberg expect the Fed to reduce the amount of bond purchases at its September 17th and 18th monetary policy committee meetings. Currently, mortgage rates on 30-year fixed mortgages are 1.1 percentage points above their all-time low set on November 21, 2012, which translates into $125 more per month in mortgage payments on a $200,000 loan."

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