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Mortgage Rates Rise Slightly for First Time in Over a Month

NationalMortgageProfessional.com
Oct 21, 2010

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which found that the 30-year fixed-rate mortgage (FRM) rate rose slightly to 4.21 percent for the first time in five weeks. Last week, the 30-year fixed-rate came in at 4.19 percent. A year ago, the 30-year fixed-rate stood at an even five percent. The 15-year rate also rose slightly this week to 3.64 percent, up from last week when it stood at the 3.62 percent mark. A year ago at this time, the 15-year FRM averaged 4.43 percent. “Mixed inflation signals kept fixed mortgage rates at bay this week. The headline producer price index jumped 0.4 percent between August and September, which was quadruple the market consensus, while the consumer price index fell below the market forecast," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Rates on the traditional one-year and five-year hybrid ARMs eased to all-time record lows." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.45 percent this week, with an average 0.6 point, down from last week when it averaged 3.47 percent. A year ago, the five-year ARM averaged 4.40 percent. The five-year ARM has not been lower since Freddie Mac started tracking it in January 2005. The one-year Treasury-indexed ARM averaged 3.30 percent this week with an average 0.7 point, down from last week when it averaged 3.43 percent. At this time last year, the one-year ARM averaged 4.54 percent. The one-year ARM has not been lower since Freddie Mac started tracking it in January 1984. “Meanwhile, the housing construction market is showing some signs of promise. New construction on one-family homes rose 4.4 percent in September to the strongest pace since May," said Nothaft. "In addition, homebuilder confidence rose in October to the strongest level since June, according to the NAHB/Wells Fargo Housing Market Index.” For more information, visit www.freddiemac.com.
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