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Tag Archives: Adjustable-Rate Mortgage

Ongoing Taper Speculation Knocks Mortgage Rates Down

Continued speculation surrounding the Federal Reserve├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós bond purchase program drove long-term mortgages rates down this week, according to reports from Freddie Mac and Bankrate.com. Frank Nothaft, VP and chief economist at Freddie Mac, noted the decrease in fixed rates was likely the result of disappointing numbers for new home sales in July. While Bankrate also pointed to new home sales as a factor in this week's rate movements, developments abroad may have figured in, as well.

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Fixed Rates Soar Leading Up to FOMC Minutes

Fixed mortgage rates jumped this week as markets awaited the release of minutes from the Federal Open Market Committee's (FOMC) July meeting, which contained hints of when the Federal Reserve might start reducing its bond purchases. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.58 percent (0.8 point) for the week ending August 22, up from last week's 4.40 percent. Meanwhile, Bankrate.com reported a two-year high for the 30-year fixed average in its own weekly survey.

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FHFA Mortgage Rates Index Finishes 2012 with Final Decline

After steadily dropping throughout the year, mortgage rates closed out 2012 with one final monthly decline, according to the Federal Housing Finance Agency's (FHFA) December index. The contract rate on the composite of all mortgage loans (both fixed- and adjustable-rate) was 3.28 percent in December, down from 3.36 percent in November. The effective interest rate, which reflects the amortization of initial fees and charges, was 3.42 percent, down from 3.49 percent the previous month.

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