Fixed Mortgage Rates Rebound Higher
MCLEAN, VA–(Marketwired – Nov 7, 2013) – Freddie Mac
(OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey®
(PMMS®), showing average fixed mortgage rates moving higher for the first time
in three weeks amid more positive economic data out of the manufacturing and
30-year fixed-rate mortgage (FRM)
averaged 4.16 percent with an average 0.8 point for the week ending November 7,
2013, up from last week when it averaged 4.10 percent. A year ago at this time,
the 30-year FRM averaged 3.40 percent.
15-year FRM this week averaged 3.27
percent with an average 0.7 point, up from last week when it averaged 3.20
percent. A year ago at this time, the 15-year FRM averaged 2.69 percent.
5-year Treasury-indexed hybrid adjustable-rate
mortgage (ARM) averaged 2.96 percent this week with an average 0.5
point, unchanged from last week. A year ago, the 5-year ARM averaged 2.73
1-year Treasury-indexed ARM averaged
2.61 percent this week with an average 0.5 point, down from last week when it
averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.59
Average commitment rates should be reported along with average
fees and points to reflect the total upfront cost of obtaining the mortgage.
Visit the following links for the Regional and National
Mortgage Rate Details and Definitions.
Borrowers may still pay closing costs which are not included in the survey.
Attributed to Frank Nothaft, vice president and chief economist,
“Fixed mortgage rates rebounded slightly this week on more
positive economic data releases. Production in the manufacturing industry
expanded for the fifth month in a row in October to the strongest pace since
April 2011. Similarly, the non-manufacturing sector grew for the second
consecutive month in October and beat the market consensus forecast of a
decline. These increases were widespread across the nation, from Chicago to Milwaukee
to New York.”