The standard 30 year fixed rate mortgage loans experienced a downfall and reached a four-month low as per the last calculations made by Freddie Mac (NYSE:FRE) last Thursday (24 October 2013). The interest rate on Freddie Mac’s 30 year FRMs fell and reached 4.13%, which might be considered an improvement seeing the 4.28% recorded in the market analysis conducted a week earlier. At the same time, last year, the average rate of 30 year fixed rate mortgage loans was quoted at around 3.41%.
The survey conducted by the Virginia based lender also reported that the popular 15 year fixed rate mortgage loan options also average down to 3.24%, as compared to the earlier figures of 3.33% that were reported in the previous week’s data. At this time a year before, the above discussed rate averaged at around 2.72%.
Considering the 5/1 avenue of the adjustable rate hybrid mortgages (ARMs), there have been good signs of improvement as the present rate hovered around 3.00%, falling from the previously recorded figures of 3.07% last week. Having a look at the average rates recorded at the same time last year, this type of home mortgage option averaged at 2.75%.
Making our way to the 1 year adjustable rate mortgage options, the survey conducted on 24 October 2013 revealed that the treasury index fell to about 2.60%, which has experienced a slight fall from the last week’s results, which recorded a figure of 2.63%. Comparing with the figure recorded during the same period a year earlier, which was averaged at 2.59%, the rates haven’t risen much.
According to another report published by the Mortgage Bankers’ Association on Wednesday, the 30 year fixed rate mortgages, along with the conforming mortgage balances, plummeted to 4.39% in comparison to the previously recorded figure of 4.46%. The interest rates on the 15 year fixed rate mortgage loan options too edged down to 3.51% on the whole. The statistics also showed that the interest charges on 30 year jumbo mortgage options that exceed the conforming loan balances, showed an improvement by touching the 4.43% mark as compared to the previously recorded figure of 4.51%. When talking about the 30 year mortgage loans backed by the Federal Housing Administration, the present interest rates averaged at 4.15%, tumbling down from the preceding 4.16%.
The performance of Freddie Mac’s mortgage rates is subject to several factors, risks and uncertainties that might cause them to substantially differ from the ones mentioned above over a period. Freddie Mac does not take any responsibility and disclaim any obligation to send a prior notice to the borrowers regarding the change in rates.
Note: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.