Amid Government Shutdown, Mortgage Rates Change Little
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates changing little for the week as the 30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.7 point for the week ending Oct. 10, up from last week when it averaged 4.22 percent. A year ago at this time, the 30-year FRM averaged 3.39 percent. The 15-year FRM this week averaged 3.31 percent with an average 0.7 point, up from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.70 percent. "Mortgage rates were little changed amid the federal debt impasse in Washington, D.C. and a light week of economic data releases," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Of the few releases, the private sector added an estimated 166,000 jobs in September, which were fewer than the market consensus and followed a downward revision of 17,000 workers in August, according to the ADP Research Institute. The Institute for Supply Management reported a greater slowing in growth in the nonmanufacturing industry in September than the market consensus forecast." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 3.03 percent. A year ago, the five-year ARM averaged 2.73 percent. The one-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, up from last week when it averaged 2.63 percent. At this time last year, the one-year ARM averaged 2.59 percent.