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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).


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