Bellevue Real Estate Mortgage & Refinancing Loans: Mortgage Rates Continue Trending Higher

Mortgage News

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Kenton Becker
Loan Officer
Office: (206) 423-2552

NMLS #123961 ,
Washington #MLO-123961

Mortgage Rates Continue Trending Higher

MCLEAN, VA--(Marketwired - Jul 11, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates continuing to trend higher for the week on more market speculation that the Federal Reserve will reduce future bond purchases following June's strong employment report.

30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.8 point for the week ending July 11, 2013, up from last week when it averaged 4.29 percent. Last year at this time, the 30-year FRM averaged 3.56 percent.
15-year FRM this week averaged 3.53 percent with an average 0.8 point, up from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.86 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.26 percent this week with an average 0.7 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.74 percent.
1-year Treasury-indexed ARM averaged 2.66 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.69 percent.

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

"June's strong employment led to more market speculation that the Federal Reserve will reduce future bond purchases causing bond yields to rise and mortgage rates followed. The economy gained 195,000 jobs in June, above the market consensus forecast, while revisions to the prior two months added 70,000 on top of that. Moreover, hourly wages rose by 2.2 percent over the last 12 months and represented the largest annual increase in nearly two years. However, the minutes of the June 18th and 19th Federal Reserve's monetary policy committee meeting, released July 10th, stated that many members indicated further improvement in the outlook for the labor market would be required before it would be appropriate to slow the pace of bond purchases."

You are receiving this communication because of an existing and/or past business relationship, or because you have consented to receive communications from Land Home. 07-15-13. Equal Housing Opportunity Lender. Rates, Program, Fees, and Guidelines are subject to change without notice. Not a commitment to lend. Land Home only conducts business in states we are approved to. Land Home Financial Services, 22525 SE 64th Place, Suite 220, Issaquah, WA 98027. Washington Consumer Loan License #CL-89331. NMLS ID # 89331. Kenton Becker Licenses: NMLS #123961; Washington #MLO-123961.