Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage increasing slightly heading into the holiday season, as the 30-year fixed-rate mortgage (FRM) averaged 4.29 percent with an average 0.7 point for the week ending Nov. 27, 2013, up from last week when it averaged 4.22 percent. A year ago at this time, the 30-year FRM averaged 3.32 percent. The 15-year FRM this week averaged 3.30 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 2.64 percent.
"Fixed mortgage rates retraced some of their decline of the prior week as housing data portrayed mixed signals," said Frank Nothaft, vice president and chief economist, Freddie Mac. "The National Association of Realtors reported that their pending sales metric dipped for the fifth consecutive month and was slightly below year-ago levels, presaging a softening in sales near yearend. Nonetheless, house prices rose as homes-for-sale inventory remained tight in many markets."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent this week with an average 0.5 point, down from last week when it averaged 2.95 percent. A year ago, the five-year ARM averaged 2.72 percent. The one-year Treasury-indexed ARM averaged 2.60 percent this week with an average 0.4 point, down from last week when it averaged 2.61 percent. At this time last year, the one-year ARM averaged 2.56 percent.
"The S&P/Case-Shiller House Price index released yesterday showed prices in the 20 largest cities increased 13.3 percent annually in September, the highest year-over-year increase since February 2006, and a bit stronger than the Federal Housing Finance Agency's U.S.-wide Purchase-Only index, which appreciated 8.5 percent over the same period," said Nothaft.