Skip to main content

Weak Manufacturing Growth Forces Dip in Mortgage Rates

NationalMortgageProfessional.com
Nov 22, 2013

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.       
Published
Nov 22, 2013
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021
FormFree Taps Amazon Web Services For Consumer Financial Identity Solutions

FormFree will use Amazon's blockchain technology to manage its latest consumer Financial DNA solution and its newly introduced FormFree Exchange.

Tech
Oct 19, 2021
Synergy One Lending Increases Its Capital By $50M

San Diego-based Synergy One Lending Inc. completed a $50 million corporate note financing with a consortium of institutional investors.

Industry News
Oct 19, 2021
TransUnion Sees Untapped Growth Opportunity For The Mortgage Industry

A study conducted by TransUnion, which explores the creditworthiness of low-to-moderate income consumers, revealed that the segment represents a $300 billion growth opportunity for the mortgage industry.

Analysis and Data
Oct 19, 2021