Bellevue Real Estate Mortgage & Refinancing Loans: Fixed Mortgage Rates Highest in a Year

Mortgage News

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

NMLS #123961 ,
Washington #MLO-123961

Fixed Mortgage Rates Highest in a Year

MCLEAN, VA--(Marketwired - May 30, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates following long-term government bond yields higher. The average 30-year fixed moved up nearly half a percentage point since the beginning of May when it averaged 3.35 percent. Regardless, mortgage rates remain low historically helping to keep home-buyer affordability high, which should continue to aid home sales and construction as the housing market continues to recover.

30-year fixed-rate mortgage (FRM) averaged 3.81 percent with an average 0.8 point for the week ending May 30, 2013, up from last week when it averaged 3.59 percent. Last year at this time, the 30-year FRM averaged 3.75 percent.
15-year FRM this week averaged 2.98 percent with an average 0.7 point, up from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 2.97 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.66 percent this week with an average 0.5 point, up from last week when it averaged 2.63 percent. A year ago, the 5-year ARM averaged 2.84 percent.
1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.5 point, down from last week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.75 percent.

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

"Fixed mortgage rates followed long-term government bond yields higher following a growing market sentiment that the Federal Reserve may lessen its accommodative policy stance. Improving economic data may have encouraged those views. For instance, the Conference Board reported that confidence among consumers rose in May to its highest level since February 2008. Meanwhile, the S&P/Case-Shiller® 20-city composite index for March rose to its highest reading since November 2008 (seasonally adjusted). All 20 cities had positive monthly gains, led by a 3.2 percent increase in Las Vegas."

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. 06-03-13. 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.