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Mortgage Rate Slightly Lower

Market Survey Showing Mortgage Rates Moving Slightly Lower In Florida

Freddie Mac recently released the results of its Primary Mortgage Market Survey(R) (PMMS) showing average fixed mortgage rates moving slightly lower for the week as markets awaited the Federal Reserve's monetary policy announcement.

The 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.8 point for the week ending June 20 2013 down from last week when it averaged 3.98 percent. Last year at this time the 30-year FRM averaged 3.66 percent.

Additionally the 15-year FRM this week averaged 3.04 percent with an average 0.7 point down from last week when it averaged 3.10 percent. A year ago at this time the 15-year FRM averaged 2.95 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent this week with an average 0.5 point the same as last week. A year ago the 5-year ARM averaged 2.77 percent.

Survey results showed that the 1-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.4 point down from last week when it averaged 2.58 percent. At this time last year the 1-year ARM averaged 2.74 percent.

"Mortgage rates were relatively unchanged this week as market participants awaited the Federal Reserve's (Fed) monetary policy announcement" says Frank Nothaft vice president and chief economist Freddie Mac. "The Fed stated that economic growth has been expanding at a moderate pace and that labor market conditions have shown further improvement although the unemployment rate remains elevated. It noted inflation has been running below the Fed's longer-run objective as well. As a result the Fed will continue its bond-buying program at the current pace and maintain its highly accommodative monetary policy stance.

"The Fed also affirmed that the housing sector has strengthened further. For instance single-family housing permits increased nearly 2 percentage points in May to an annualized pace of 649000 homes the most since May 2008. In addition homebuilder confidence in June rose to its highest reading since March 2006."

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