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While disclosing the results of Primary Mortgage Market Survey, Federal Home Loan Mortgage Corp (OTCBB:FMCC) said that the average fixed mortgage rates remain close to their peak level of the year as the bond yields started to toll upward. As per the report, the average 30-year fixed rate mortgage for the week ended on June 4, 2015 stood at 3.87%, unchanged from that of the previous week. The 30 year fixed rate mortgage was at 4.14% during the same period last year.

Weekly rate update

Meanwhile, the 15-year fixed rate mortgage averaged at around 3.08% for the reported week, down by 0.3% from the previous week’s rate of 3.11%. The fixed rate mortgage during the same period last year stood at 3.23%. The report noted that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) showed at an average of 2.96%, higher from the previous week’s level of 2.90%. The Treasury-indexed hybrid adjustable rate mortgage averaged 2.93% during the same period last year. Apart from this, the 1-year Treasury-indexed ARM stood at an average of 2.59%, showing an increase of 0.9% from 2.50% last week.

To impact housing market

Federal Home Loan Mortgage Corp (OTCBB:FMCC)’s deputy chief economist, Len Kiefer said that the mortgage rates showed little change over the last week on the back of mixed economic data. It is noteworthy that the Institute for Supply Management had observed a moderate growth in the manufacturing sector in the month of May even as the real GDP growth has been revised downward to -0.7% annualized rate. The housing company said that if Treasury yields continue to surge then it may hamper the affordability in the housing market.

The stock of Federal Home Loan Mortgage Corp (OTCBB:FMCC) dropped by more than 4% to $2.33 during the last trading session as 2 million shares changed hands.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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