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Federal Home Loan Mortgage Corp (OTCBB:FMCC) was a notable mover during Friday’s trading session rallying by 8% on above average volumes which were 1.4 times the average turnover. The stock witnessed a surge in buying interest after it was able to form a double bottom at levels of $1.901. Federal Home currently trades below all moving averages, which is a bullish sign. The MACD oscillator is showing signs of an intermediate bullish reversal. The RSI indicator has given a fresh buy signal, which is considered to be a huge positive. Traders believe the stock could trend lower towards levels of $2.100.

FMCC

Federal Home Loan Mortgage Corp (OTCBB:FMCC) got a Hold rating by Zacks Investment Research from the Buy rating earlier. The downgrading of the firm was stated in the November client and investor report.

The analyst informed that Federal Home Loan Mortgage Corp that was called Freddie Mac was a corporation that was owned by stockholders in the home ownership and house rental services industry. The company is primarily into buying of single and multi family mortgage for houses and mortgage securities in the capital markets.

3Q15 Results Out

The company released the 3Q15 results on November 3 earlier this year and the news was not too good. Federal Home Loan Mortgage Corp (OTCBB:FMCC) got a per share earnings of $0.15 in the quarter that was lower than the estimated $0.62 to $0.77 of Thomson Reuters. The average EPS that the company was projected to achieve for FY15 was $1.91 as per estimates of most market analysts.

Primary Mortgage Market Survey

The company has conducted a new survey to gauge the mortgage industry scenario and the results are out. Reportedly, the Primary Mortgage Market Survey findings were released by the company on December 2 and the findings showed that the rate of 30-year fixed mortgage was going down because of the losses of the manufacturing industry. The FRM was at a consensus of 3.93 per cent as on December 3, 2015 which was lower than the previous week when it was 3.95 per cent. Even the 15-year FRM saw a dip from last week.

Sean Becketti, chief economist at Freddie Mac said that the treasury yields were down by 3 basis points (bps) as a result of weak manufacturing results this week. This was also reported in the survey conducted by the company. He said the 30-year mortgage rate was down by 2 basis points and the survey findings have instilled analysts with an expected increase in the rates this month. The job report that will be released on Friday is very critical as that will be a significant and final release before the management meeting of the company.