Below is the weekly mortgage survey press release dated January 27, 2010 from Freddie Mac. Use this mortgage rate survey to help you in your real estate decisions. Call for info about rates and programs available for Salt Lake City real estate purchases. As always, if you have any questions, or if you are ready to explore your real estate opportunities in Salt Lake City, pick up the phone (801.455.6020) or send us a note!
Bond Yields Rise and So Do Mortgage Rates
For Immediate Release
January 27, 2011
Contact: corprel@freddiemac.com
or (703) 903-3933
McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey®(PMMS®) which shows long- and short-term rates rising this week.
News Facts
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30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average 0.7 point for the week ending January 27, 2011, up from last week when it averaged 4.74 percent. Last year at this time, the 30-year FRM averaged 4.98 percent.
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15-year FRM this week averaged 4.09 percent with an average 0.7 point, up from last week when it averaged 4.05 percent. A year ago at this time, the 15-year FRM averaged 4.39 percent.
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5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.70 percent this week, with an average 0.7 point, up from last week when it averaged 3.69 percent. A year ago, the 5-year ARM averaged 4.25 percent.
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1-year Treasury-indexed ARM averaged 3.26 percent this week with an average 0.6 point, up from last week when it averaged 3.25 percent. At this time last year, the 1-year ARM averaged 4.29 percent.
Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.
Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
- "Mortgage rates followed bond yields a little higher this week amid positive data reports from The Conference Board that suggest the economy is strengthening. The index of leading indicators rose 1.0 percent in December, nearly twice that of the market consensus forecast and represented the sixth consecutive monthly increase, according to the Board. They also reported a stronger gain in consumer confidence for January, rising to an eight-month high. In addition, the share of households who said jobs were plentiful rose to the highest level since May 2009.
- "Consumer demand in the housing market is also showing some positive gains. Sales of existing homes rose in December to the strongest pace since May and sales of new homes jumped to the highest since April. At their current sales rate, the expected time on the market fell from 9.5 to 8.l months for existing houses and fell from 8.4 to 6.9 months for new homes."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
Summary of Survey Results
| Fixed-Rate Mortgages | ||||
|---|---|---|---|---|
| Average Conventional
30-Year Commitment Rate |
Fees & Points | Average Conventional
15-Year Commitment Rate |
Fees & Points | |
| US | 4.80 | 0.7 | 4.09 | 0.7 |
| Northeast | 4.83 | 0.6 | 4.16 | 0.6 |
| Southeast | 4.76 | 0.8 | 4.03 | 0.9 |
| N. Central | 4.85 | 0.6 | 4.13 | 0.5 |
| Southwest | 4.78 | 0.7 | 4.13 | 0.7 |
| West | 4.75 | 0.8 | 4.03 | 0.9 |
Freddie Mac defines its regions as follows:
Northeast: NY, NJ, PA, DE, MD, DC, VA, WV, ME, NH, VT, MA, RI, CT
Southeast: NC, SC, TN, KY, GA, AL, FL, MS, PR, VI
North Central: OH, IN, IL, MI, WI, MN, IA, ND, SD
Southwest: TX, LA, NM, OK, AR, MO, KS, CO, NE, WY
West: CA, AZ, NV, OR, WA, UT, ID, MT, HI, AK, GU
Freddie Mac’s Primary Mortgage Market Survey (PMMS) is for informational purposes only and Freddie Mac is not responsible for business decisions made based on the reported results of the PMMS. In general, the data presented were calculated from information collected Monday through Wednesday of the same week that the PMMS is released and may not reflect mortgage rates, fees or points currently available from any lender. Freddie Mac may change the methodology used to conduct the PMMS at any time and without notice.
We want to be your source for real estate and mortgage information in the Salt Lake City, Utah area. Call for specific rates and programs in the Salt Lake City real estate market. Or, if you are ready to pursue the possibilities available today in Salt Lake City’s housing market, please call or text Jenn and Phil at 801.455.6020, or contact us today!