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Mortgage

Freddie Mac: Mortgage rates produce mixed results

Buoyed by positive GDP report

Mortgage rates remained flat to slightly down, following positive data on GDP but mixed housing reports, according to Freddie Mac’s latest Primary Mortgage Market Survey.

The second quarter gross domestic product grew at an annualized rate of 4.6%, according to the third and final estimate from the government Bureau of Economic Analysis.

As a result, the 30-year, fixed rate mortgage averaged 4.19% for the week ended Oct. 2, a drop from last week’s 4.20%, and down from 4.22% a year ago.

The 15-year, FRM stayed frozen at 3.36%. In 2013, the 15-year, FRM averaged 3.29%.

The 5-year Treasury-indexed hybrid adjustable rate-mortgage slightly fell from 3.08% a week ago to 3.06%. This is marginally higher than last year’s 3.05%.

In addition, the 1-year Treasury-indexed ARM dropped slightly to 2.42%, compared to 2.43% last week and 2.64% a year ago.

“Mortgage rates were flat to slightly down across the board as GDP was revised up from 4.2% to 4.6% for the second quarter and the S&P/Case-Shiller National House Price Index was up a seasonally adjusted 0.2% for July and up 5.6% from the prior July. Pending home sales data were less optimistic, though, down 1% in August,” said Frank Nothaft, vice president and chief economist with Freddie Mac.

Bankrate’s results were similar, with the 30-year, FRM falling to 4.27% from 4.30% last week.

The 15-year, FRM dropped to 3.44%, from 4.36%, while the 5/1 ARM decreased to 3.29%, from 3.32% a week ago.

“Mortgage rates slipped for a second consecutive week as worries about global economic growth mounted. Adding further uncertainty to financial markets were the pro-Democracy protests in Hong Kong. The nervousness of investors – regardless of the cause – helped bring bond yields and mortgage rates lower,” Bankrate said. 

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