Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving higher for the first time in three weeks, as the 30-year fixed-rate mortgage (FRM) averaged 4.16 percent, with an average 0.8 point for the week ending Nov. 7, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent. Also this week, the 15-year FRM averaged 3.27 percent with an average 0.7 point, up from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 2.69 percent.
"Fixed mortgage rates rebounded slightly this week on more positive economic data releases," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Production in the manufacturing industry expanded for the fifth month in a row in October to the strongest pace since April 2011. Similarly, the non-manufacturing sector grew for the second consecutive month in October and beat the market consensus forecast of a decline. These increases were widespread across the nation, from Chicago to Milwaukee to New York."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.5 point, unchanged from last week. A year ago, the five-year ARM averaged 2.73 percent. The one-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.5 point, down from last week when it averaged 2.64 percent. At this time last year, the one-year ARM averaged 2.59 percent.