30-Year Fixed-Rate Mortgage Follows Treasury Yields Higher

News provided by

Freddie Mac

Jul 28, 2011, 10:00 ET

MCLEAN, Va., July 28, 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage changing little for the week amid mixed macroeconomic data. The 30-year fixed averaged 4.55 percent, while the 15-year remained unchanged from its previous week average of 3.66 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.55 percent with an average 0.8 point for the week ending July 28, 2011, up from last week when it averaged 4.52 percent. Last year at this time, the 30-year FRM averaged 4.54 percent.  
  • 15-year FRM this week averaged 3.66 percent with an average 0.7 point, the same as last week when it also averaged 3.66 percent. A year ago at this time, the 15-year FRM averaged 4.00 percent.  
  • 1-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 2.97 percent. At this time last year, the 1-year ARM averaged 3.64 percent.  

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • "Macroeconomic data released this week were a mixed bag. On the positive side, the index of leading indicators in June rose for the second consecutive month, beating the market consensus forecast.  Partly offsetting this, orders for durable goods were weaker than market expectations for the same month. The net effect on mortgage interest rates was very little change from the prior week.
  • "Seasonal home buying is beginning to prop up house price indexes across the nation. For instance, the S&P/Case-Shiller® 20-City Composite index (not seasonally-adjusted) rose for the second consecutive month in May to the highest reading since January. In addition, 17 of the 20 cities exhibited increases, led by a 2.7 percent monthly gain in Boston and a 2.6 percent rise in Minneapolis. Compared to a year ago, though, values were lower in 19 of the 20 markets as of May; bucking the trend elsewhere, the Washington, DC metro area posted a 1.3 percent gain in prices over the past year."

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter: @FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

SOURCE Freddie Mac

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