Mortgage Rates Back Up to Highest Levels Since September
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving higher for the second consecutive week on stronger than expected data releases including the employment report for October, as the 30-year fixed-rate mortgage (FRM) averaged 4.35 percent with an average 0.7 point for the week ending Nov. 14, 2013, up from last week when it averaged 4.16 percent. A year ago at this time, the 30-year FRM averaged 3.34 percent. The 30-year fixed-rate mortgage is at its highest level since Sept. 19, 2013, when it averaged 4.50 percent. Also this week, the 15-year FRM averaged 3.35 percent with an average 0.7 point, up from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.65 percent. "Fixed mortgage rates increased this week following stronger than expected economic data releases," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Non-farm payrolls increased by 204,000 in October, above the consensus forecast. In addition, revisions added 60,000 additional jobs to the prior two month releases. Preliminary estimates indicate Real GDP growth in the third quarter was 2.8 percent, also above consensus." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.4 point, up from last week when it averaged 2.96 percent. A year ago, the five-year ARM averaged 2.74 percent. The one-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.55 percent.