It's a Three-Week Streak for Mortgage Rates in the Four Percent Range
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing the average 30-year fixed-rate mortgage (FRM) changing little and remaining at or near the four percent mark for the past three weeks amid positive economic and consumer confidence data for the week ending Nov. 17, 2011, up from last week when it averaged 3.99 percent. Last year at this time, the 30-year FRM averaged 4.39 percent. The 15-year FRM, a popular refinancing choice, averaged 3.31 percent for the week, with an average 0.7 point, up from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 3.76 percent. "Mortgage rates were little changed this week just as the economy is showing potential for further gains in the near term," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Retail sales rose for the fifth straight month in October and beat the market consensus forecast. Meanwhile, consumer confidence rose for the third consecutive month in early November to the highest reading since June, according to the University of Michigan's sentiment index. Lastly, homebuilder confidence exhibited a back-to-back monthly increase in November to the strongest level since May 2010, based on the NAHB/Wells Fargo Housing Market Index." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week, with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago, the five-year ARM averaged 3.40 percent. The one-year Treasury-indexed ARM averaged 2.98 percent this week with an average 0.6 point, up from last week when it averaged 2.95 percent. At this time last year, the one-year ARM averaged 3.26 percent.