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Freddie Mac Finds 30-Year FRM Up Slightly

MCLEAN, VA-Freddie Mac, the stockholder-owned corporation Congress founded in 1970, has found in its latest survey of primary mortgage information that while adjustable rates were almost unchanged, fixed-rate mortgages went up 0.06%.

By Amy Vaughn | Updated on May 29, 2001

MCLEAN, VA-Freddie Mac’s Primary Mortgage Market Survey, a weekly review from the stockholder-owned corporation Congress founded in 1970 to support homeownership and rental housing, shows that mortgage rates are up slightly. The 30-year fixed-rate mortgage averaged 7.2%, with an average 1 point, for the week ending May 25. the week before the rates were at 7.14%.

The 0.06% increase did not help the rates reach the levels of 2000, when the average was 8.62%. “Mortgage rates caught up to other interest rates this week amid signs that housing may be starting to cool down,” says Robert Van Order, chief economist for Freddie Mac.

“Current job layoffs, coupled with lower consumer confidence, usually lead to fewer purchases of big ticket items, like a house,” he adds. “Later in the second half of the year, however, we expect housing to pick back up. As a matter of fact, current forecasts continue to predict that 2001 could be a record year for originations and possibly home purchases.”

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