US Mortgage Rates Rise For Third Consecutive Week

The 15-year FRM this week averaged 6.09 percent with an average 0.5 point, up from last week when it averaged 5.98 percent.  A year ago, the 15-year FRM averaged 5.98 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.15 percent this week, with an average 0.5 point, down from last week when it averaged 6.21 percent.  A year ago, the 5-year ARM averaged 6.00 percent. 

One-year Treasury-indexed ARMs averaged 5.60 percent this week with an average 0.6 point, down from last week when it averaged 5.65 percent.  At this time last year, the 1-year ARM averaged 5.47 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

“Consistent with the direction of 10-year Treasury securities, average rates on 30-year fixed-rate mortgages drifted up in the past week to levels close to those at the beginning of the month,” said Frank Nothaft, Freddie Mac vice president and chief economist.  “Also tracking short-term Treasury notes, average rates on 1-year adjustable-rate mortgages (ARMs) dropped by 5-hundredth of a percent. Though it is the fourth consecutive week rates on ARMs have declined, the share of mortgage applications for ARMs has been trending down, and last week reached its lowest level since March 2003, according to the Mortgage Bankers Association.

“Additionally, existing home sales continued to decline in August to the slowest pace in 5 years to a seasonally adjusted 5.5 million units.  Sales of single-family homes slowed in every census region, with the highest impact felt in the Western region.”

 

Freddie Mac Region	PMMS Weights
Northeast	24.5
Southeast	18.6
North Central	15.4
Southwest	10.4
West	31.0