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News Now

Washington
Freddie Mac reports uptick in 30- 15-year mortgage rates
WASHINGTON (8/17/09)--Freddie Mac late last week reported that the average 30-year mortgage rate rose to 5.29% and the average 15-year fixed-rate loan increased to 4.68% during the week ended Aug. 13. Both average mortgage rates represented increases from 5.22% for the30-year average and 4.63% for the15-year average reported during the previous week, Freddie Mac said. Treasury yields also rose during the week, according to Freddie Mac. The government-sponsored mortgage lender reported inconsistent movement related to adjustable rate mortage (ARM )rates, with five-year ARM averages increasing to 4.75% and one-year ARMs dropping to 4.72%. Freddie Mac chief economist Frank Nothaft cited "better-than-expected economic reports” as reason for the reduced mortgage rates. “High levels of housing affordability" have also recently buffeted homebuyer demand, he added. Nothaft also reported that “declines in some local housing markets” seem to be “nearing an end.” CU Members Mortgage and some of its credit union partners last month reported a sharp increase in the number of closed mortgage loans, with 4,580 closed loans for $756 million during the first five months of 2009. The number of closures over this five-month period rose by 83.2% when compared with the same period in the previous year.


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