Fixed Rates See Little Activity

Fixed Rates See Little Activity

08/08/2013BY: TORY BARRINGER

It was a mixed week for mortgage rate reports following the release of July’s employment numbers, which showed job growth coming in below the market consensus forecast.

According to Freddie Mac’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.40 percent (0.7 point) for the week ending August 8, up from 4.39 percent last week. Last year at this time, the 30-year fixed averaged 3.59 percent.

The 15-year FRM averaged 3.43 percent (0.7 point), unchanged from the previous survey.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.19 percent (0.5 point) this week, up from 3.18 percent previously. Meanwhile, the 1-year ARM averaged 2.62 percent (0.3 point) down from 2.64 percent.

At the same time, Bankrate.com’s weekly national survey showed rate drops all around. The 30-year FRM averaged 4.56 percent (from 4.59 percent), while the 15-year fixed averaged 3.62 percent (from 3.65 percent).

The 5/1 ARM average was 3.53 percent, down from 3.57 percent.

“The disappointing July jobs report cast some doubt on whether the Federal Reserve would begin tapering their bond purchases in September,” Bankrate said in a release. “With encouraging and disappointing economic news offsetting each other on almost a daily basis, look for mortgage rates to remain range bound at least until there is greater clarity regarding both the economy and Fed policy.”

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