Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Fixed-rate mortgages continue upward trend
MCLEAN, Va. (2/28/14)--The average interest on fixed-rate mortgages ticked up for the fourth week in a row, according to Freddie Mac.
 
The publicly owned wholesale mortgage finance company's primary mortgage market survey showed that 30-year and 15-year fixed-rate mortgages were both up four basis points to 4.33% and 3.39% for the week ending Feb. 27. Average 30-year and 15-year fixed-rate mortgages were at 3.51% and 2.76% at this time last year.
 
The survey also showed that interest on adjustable-rate mortgages fell in the same time frame. Its measures of average five-year and one-year Treasury-indexed hybrid adjustable-rate mortgages were down to 3.05% and 2.52%, from 3.08% and 2.57% the previous week. The five-year measure was 54 basis points lower at this time last year, while the one-year gauge was 12 basis points higher on a year-over-year basis.
 
Freddie Mac also said Thursday that it made $48.7 billion in profit last year, a figure that includes $8.6 billion fourth quarter profit.
 
The boon means that Freddie and its sister company Fannie Mae will have soon paid back the federal government for bailing it out after the 2008 financial crisis. In March, the pair's post-rescue reimbursements will total $202.9 billion, exceeding the $187.5 bailout they received more than five years ago ( The Wall Street Journal Feb. 27).


RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
1 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
3 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
3 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
3 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
4 hours ago