Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage increasing strongly following better than expected reports on private job growth and new home sales. The 30-year fixed-rate mortgage (FRM) averaged 4.46 percent with an average 0.5 point for the week ending Dec. 5, 2013, up from last week when it averaged 4.29 percent. A year ago at this time, the 30-year FRM averaged 3.34 percent. The 15-year FRM this week averaged 3.47 percent with an average 0.4 point, up from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 2.67 percent.
"Fixed mortgage rates increased this week following stronger than expected economic data releases," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Private companies added 215,000 new jobs in November according to the ADP employment report, well above the consensus. In addition, revisions added 54,000 jobs in the prior month. Lastly, new home sales rose 25 percent in the month of October to a seasonally adjusted 444,000 annual pace, though this followed a weaker than expected September report and downward revisions over the summer months."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.4 point, up from last week when it averaged 2.94 percent. A year ago, the five-year ARM averaged 2.69 percent. The one-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.4 point, down from last week when it averaged 2.60 percent. At this time last year, the one-year ARM averaged 2.55 percent.