Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little for the week amid the federal debt impasse in Washington, D.C. and a light week of economic data releases. ...The high this year for 30 year rates in the Freddie Mac survey was 4.58%, and the high for 15 year rates was 3.60%.
30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.7 point for the week ending October 10, 2013, up from last week when it averaged 4.22 percent. A year ago at this time, the 30-year FRM averaged 3.39 percent.
15-year FRM this week averaged 3.31 percent with an average 0.7 point, up from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.70 percent.
Here is an update to a graph that shows the relationship between the monthly 10 year Treasury Yield and 30 year mortgage rates from the Freddie Mac survey.
Click on graph for larger image.Currently the 10 year Treasury yield is 2.69% and 30 year mortgage rates are at 4.23% (according to Freddie Mac). Based on the relationship from the graph, the 30 year mortgage rate (Freddie Mac survey) would be around 5% when 10-year Treasury yields are around 3.33% (not happen any time soon).
Note: The yellow marker is the current (last week) relationship.
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