Mortgage Rates Modestly Rise to 4.57 Percent for the Week

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates relatively unchanged from last week as the 30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.8 point for the week ending Sept. 12, 2013, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.55 percent. Also the week, the 15-year FRM averaged 3.59 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.85 percent.  "Mortgage rates were little changed this week following a mixed employment report," said Frank Nothaft, vice president and chief economist, Freddie Mac. "For example, the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3 percent which was the lowest since December 2008." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22 percent this week with an average 0.5 point, down from last week when it averaged 3.28 percent. A year ago, the five-year ARM averaged 2.72 percent. The one-year Treasury-indexed ARM averaged 2.67 percent this week with an average 0.4 point, down from last week when it averaged 2.71 percent. At this time last year, the one-year ARM averaged 2.61 percent.