October Results Are In: Fixed Mortgage Rates Climbing
Freddie Mac recently 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.
"Fixed mortgage rates increased this week following stronger than expected economic data releases,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “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 consensus."
For more information, visit www.FreddieMac.com.