Fixed-Rates Back Up and Inch Toward the 4.6 Percent Mark

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing the average 30-year fixed-rate mortgage (FRM) hitting 4.57 percent with an average 0.7 point for the week ending Sept. 5, 2013, up from last week when it averaged 4.51 percent. A year ago at this time, the 30-year FRM averaged 3.55 percent. Also this week, the 15-year FRM averaged 3.59 percent with an average 0.7 point, up from last week when it averaged 3.54 percent. A year ago at this time, the 15-year FRM averaged 2.86 percent.  "Mortgage rates edged up this week on signs of a stronger economic recovery," said Frank Nothaft, vice president and chief economist of Freddie Mac. "Real GDP was revised upwards to 2.5 percent growth in the second quarter of this year. In addition, residential construction spending rose for a ninth consecutive month in July. Lastly, the manufacturing industry expanded by the fastest pace in August since June 2011." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week with an average 0.5 point, up from last week when it averaged 3.24 percent. A year ago, the five-year ARM averaged 2.75 percent. The one-year Treasury-indexed ARM averaged 2.71 percent this week with an average 0.5 point, up from last week when it averaged 2.64 percent. At this time last year, the one-year ARM averaged 2.61 percent.