Mortgage Rates Rise Slightly to 4.40 Percent

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which found that the 30-year fixed-rate mortgage (FRM) and the 15-year FRM edged up slightly this week. The 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.8 point for the week ending Nov. 24, 2010, up slightly from last week when it averaged 4.39 percent. Last year at this time, the 30-year FRM averaged 4.78 percent. The 15-year FRM averaged 3.77 percent this week, with an average 0.7 point, up slightly from last week when it averaged 3.76 percent. A year ago at this time, the 15-year FRM averaged 4.29 percent. "Growth in gross domestic product in the third quarter was revised up from the initial estimate to an annualized rate of 2.5 percent, as stronger consumer spending and exports supported the revision," said Frank Nothaft, vice president and chief economist, Freddie Mac. “Homeowner balance sheets are also improving. Mortgage delinquency rates continued to move down in the third quarter, with the overall delinquency rate falling to 9.13 percent, the lowest since the first quarter of 2009. For the first time during the housing downturn, the overall delinquency rate is lower than it was a year earlier.” The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.45 percent this week, with an average 0.6 point, up from last week when it averaged 3.40 percent. A year ago, the five-year ARM averaged 4.18 percent. The one-year Treasury-indexed ARM averaged 3.23 percent this week with an average 0.6 point, down from last week when it averaged 3.26 percent. At this time last year, the one-year ARM averaged 4.35 percent. For more information, visit www.freddiemac.com.