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FEDERAL HOME LOAN MORTGAGE CORPORATION

(FMCC)
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US long-term mortgage rates relatively flat this week

12/02/2021 | 10:16am EST

SILVER SPRING, Md. (AP) — The average interest rate for long-term mortgages in the U.S. remained flat this week, following the Federal Reserve suggesting that it would start tightening credit by raising its benchmark rate.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year, fixed rate home loan ticked up slightly to 3.11% from last week's 3.10%. One a year ago the rate was 2.71%.

The red-hot U.S. housing market has been juiced by low interest rates and pent-up demand from consumers who spent much of the past year and a half stuck at home and seeking more space. However, a limited supply of available homes and a big jump in prices has left many would-be buyers on the sidelines.

Earlier this week, Fed Chair Jerome Powell signaled a sharp turn toward tightening credit more quickly than the Fed has previously indicated. Powell said Tuesday that it would be “appropriate” for the central bank to consider accelerating the reduction of its bond purchases at its next meeting in mid-December. That would pave the way to the Fed hiking its benchmark interest rate as early as spring.

Many economists expect U.S. interest rates to rise in coming months as the Fed retreats from the easy money policies it adopted after the coronavirus outbreak ravaged the U.S. economy in the spring of 2020.

Strong consumer demand and ongoing supply shortages have pushed prices higher for just about everything. The government reported last month that prices for U.S. consumers jumped 6.2% in October compared with a year earlier, leading to the highest inflation rate since 1990.

Freddie Mac reported that the 15-year, fixed rate mortgage rates declined marginally to 2.39% from 2.42% from last week. That rate was 2.26% a year ago.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

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Financials (USD)
Sales 2021 17 871 M - -
Net income 2021 12 621 M - -
Net Debt 2021 - - -
P/E ratio 2021 0,22x
Yield 2021 -
Capitalization 2 820 M 2 820 M -
Capi. / Sales 2021 0,16x
Capi. / Sales 2022 0,18x
Nbr of Employees 6 922
Free-Float -
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 0,88 $
Average target price 0,50 $
Spread / Average Target -42,9%
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Managers and Directors
Michael J. DeVito Chief Executive Officer & Director
Michael Thomas Hutchins President
Christian Mark Lown Chief Financial Officer & Executive Vice President
S. Sara Mathew Non-Executive Chairman
Frank Nazzaro Chief Information Officer & Executive VP