US Mortgage Rates Mixed

The 15-year FRM this week averaged 6.08 percent with an average 0.6 point, up from last week when it averaged 6.06 percent.  A year ago, the 15-year FRM averaged 6.06 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.11 percent this week, with an average 0.5 point, down slightly from last week when it averaged 6.12 percent.  A year ago, the 5-year ARM averaged 6.11 percent. 

One-year Treasury-indexed ARMs averaged 5.76 percent this week with an average 0.6 point, up from last week when it averaged 5.73 percent.  At this time last year, the 1-year ARM averaged 5.57 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

“Both economic indicators and mortgage rates came in mixed this week,” said Frank Nothaft, Freddie Mac vice president and chief economist.  “While retail sales were stronger in September, consumer confidence fell below market expectations in October.  Moreover, both the core consumer price index and producer prices for September remained contained.

“In his October 15^th speech, Fed Chairman Bernanke suggested housing would be a ‘significant drag’ on the economy going into the next year.  Indeed, inventories of unsold homes remained exceptionally high.  And October’s homebuilder confidence fell to the lowest level since 1985, when record keeping began.”

 

Freddie Mac Region	PMMS Weights
Northeast	23.9
Southeast	20.4
North Central	14.3
Southwest	11.0
West	30.3