Federal Home Loan Mortgage Corp (OTCBB:FMCC) has released its mortgage rates report this week that was largely unchanged. The housing company said that the average rate for 30-year conventional loans stood at 3.84%, little moved from the previous week’s rate of 3.85%. Further, the housing mortgage giant said that the 15-year fixed loans by the lenders showed an average rate of 3.05%, down from the previous week’s report of 3.07%.
Converse analyst findings
At the same time, the report also indicated that the average mortgage rates dropped marginally on loans, which convert into floating rate after five years of fixed rate. Federal Home Loan Mortgage Corp (OTCBB:FMCC)’s economist Len Kiefer said that the housing stats rose in April and suggested that the builders are optimistic. On the contrary, a real-estate trade group revealed on Thursday that the sales of previously owned homes actually dropped in April due to a shortage in supply. The analysts estimated that Southern California’s housing market will take the worst hit resultantly.
Weekly mortgage rate report
The report from the group indicated that though Southland home prices and sales increased in April, but weak supply means that buyers will face a hurdle in buying affordable homes. Each week, Federal Home Loan Mortgage Corp (OTCBB:FMCC) surveys lenders about their terms of offering loans to borrowers for mortgages up to $417,000, a criteria set by the housing company and its sibling, Federal National Mortgage Assctn Fnni Me(OTCBB:FNMA).
The survey aims to serve as a consistent guide for showing mortgage trends. However, the actual mortgage rate may vary based on several factors such as borrowers’ credit scores, down payments and debt loads.
The stock of Federal Home Loan Mortgage Corp (OTCBB:FMCC) closed 0.40% higher at $2.49 during the previous trading session. The average volume of shares that traded hands stood at 2.32 million.