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CUs have Great Opportunity to Meet Mortgage Needs of Boomers; Millennials, Clampitt Says
Monday, August 5, 2013 6:00 AM

Freddie Mac has just released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates easing for the second consecutive week helping to alleviate concerns over a slowdown in the housing market and amid recent strong homes sales data for June.

News Facts:

  • 30-year fixed-rate mortgage (FRM) averaged 4.31 percent with an average 0.8 point for the week ending July 25, 2013, down from last week when it averaged 4.37 percent. Last year at this time, the 30-year FRM averaged 3.49 percent.
  • 15-year FRM this week averaged 3.39 percent with an average 0.8 point, down from last week when it averaged 3.41 percent. A year ago at this time, the 15-year FRM averaged 2.80 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.16 percent this week with an average 0.7 point, down from last week when it averaged 3.17 percent. A year ago, the 5-year ARM averaged 2.74 percent.
  • 1-year Treasury-indexed ARM averaged 2.65 percent this week with an average 0.4 point, down from last week when it averaged 2.66 percent. At this time last year, the 1-year ARM averaged 2.71 percent.

Linda Clampitt, senior vice president with CU Members Mortgages observes that there have been many changes in mortgage lending, not the least of which is the wild swings in rates we’ve seen lately. 

“In four weeks, rates went from 3.125 percent to 4.625 percent on a 30-year fixed conventional loan,” notes Clampitt. “That is the largest increase in the shortest period of time in the last 20 years, and it has radically changed pipelines for all lenders.”

According to Clampitt, refinances have dropped off and purchases are a new focus, creating new opportunities for credit unions. 

“Baby Boomers are making way for a new generation of homebuyers, and credit unions can step up to meet the needs of Millennials who are now in the market for their first home,” adds Clampitt.

CU Members Mortgage is a business partner of Credit Union Resources, Inc. Information about CU Members Mortgage is available online.