Fixed Mortgage Rates Climbing
MCLEAN, VA–(Marketwired – Nov 14, 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 second
consecutive week on stronger than expected data releases including the
employment report for October. The 30-year fixed-rate mortgage is at its
highest level since September 19, 2013, when it averaged 4.50 percent.
30-year fixed-rate mortgage (FRM)
averaged 4.35 percent with an average 0.7 point for the week ending November
14, 2013, up from last week when it averaged 4.16 percent. A year ago at this
time, the 30-year FRM averaged 3.34 percent.
15-year FRM this week averaged 3.35
percent with an average 0.7 point, up from last week when it averaged 3.27
percent. A year ago at this time, the 15-year FRM averaged 2.65 percent.
5-year Treasury-indexed hybrid adjustable-rate
mortgage (ARM) averaged 3.01 percent this week with an average 0.4
point, up from last week when it averaged 2.96 percent. A year ago, the 5-year
ARM averaged 2.74 percent.
1-year Treasury-indexed ARM averaged
2.61 percent this week with an average 0.4 point, unchanged from last week. At
this time last year, the 1-year ARM averaged 2.55 percent.
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 increased this week following stronger
than expected economic data releases. Nonfarm payrolls increased by
204,000 in October, above the consensus forecast. In addition, revisions added
60,000 additional jobs to the prior two month releases. Preliminary estimates
indicate Real GDP growth in the third quarter was 2.8 percent, also above