Weak Manufacturing Growth Forces Dip in Mortgage Rates
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates declining amid weaker manufacturing growth and declines in overall inflation rates. This week, the 30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point (for the week ending Nov. 21, 2013), down from last week when it averaged 4.35 percent. A year ago at this time, the 30-year FRM averaged 3.31 percent. The 15-year FRM this week averaged 3.27 percent with an average 0.7 point, down from last week when it averaged 3.35 percent. A year ago at this time, the 15-year FRM averaged 2.63 percent.
"Fixed mortgage rates fell this week on reports of weaker manufacturing growth and declines in overall inflation rates," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Industrial production slipped by 0.1 percent in October, below the market consensus forecast of a 0.2 percent gain. The consumer price index also unexpectedly fell during the month. On an annual basis, consumer prices are up 1 percent, the smallest increase since October 2009."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 3.01 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 2.56 percent.
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