US Mortgage Rates Stable Last Week
Location: McLean
Author:
Eileen Fitzpatrick
Date: Monday, November
29, 2010
Freddie Mac (OTC:
FMCC) last week released the results of its Primary Mortgage Market
Survey (PMMS), which found that the 30-year fixed-rate mortgage (FRM)
and the 15-year (FRM) edged up slightly this week. The 5-year ARM also
rose, while the 1-year ARM fell a bit from the previous week.
News Facts
-
30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an
average 0.8 point for the week ending November 24, 2010, up slightly
from last week when it averaged 4.39 percent. Last year at this
time, the 30-year FRM averaged 4.78 percent.
-
15-year FRM this week averaged 3.77 percent with an average 0.7
point, up slightly from last week when it averaged 3.76 percent. A
year ago at this time, the 15-year FRM averaged 4.29 percent.
-
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 3.45 percent this week, with an average 0.6 point, up from
last week when it averaged 3.40 percent. A year ago, the 5-year ARM
averaged 4.18 percent.
-
1-year Treasury-indexed ARM averaged 3.23 percent this week with
an average 0.6 point, down from last week when it averaged 3.26
percent. At this time last year, the 1-year ARM averaged 4.35
percent.
Average commitment rates should be reported along with average fees
and points to reflect the total cost of obtaining the mortgage.
Quotes
Attributed to Frank Nothaft, vice president and chief economist,
Freddie Mac.
- "During a holiday-shortened week, average mortgage rates were
largely unchanged from the prior week. Growth in
gross domestic product in the third quarter was revised up from
the initial estimate to an annualized rate of 2.5 percent, as
stronger consumer spending and exports supported the revision.
- "Homeowner balance sheets are also improving.
Mortgage delinquency rates continued to move down in the third
quarter, with the overall delinquency rate falling to 9.13 percent,
the lowest since the first quarter of 2009. For the first time
during the housing downturn, the overall delinquency rate is lower
than it was a year earlier."
Freddie Mac was established by Congress in 1970 to provide liquidity,
stability and affordability to the nation's residential mortgage
markets. Freddie Mac supports communities across the nation by providing
mortgage capital to lenders. Over the years, Freddie Mac has made home
possible for one in six homebuyers and more than five million renters.
Summary of Survey Results
Fixed-Rate Mortgages
|
|
Average Conventional
30-Year Commitment Rate
|
Fees & Points
|
Average Conventional
15-Year Commitment Rate
|
Fees & Points
|
US
|
4.40
|
0.8
|
3.77
|
0.7
|
Northeast
|
4.40
|
0.7
|
3.80
|
0.6
|
Southeast
|
4.40
|
0.9
|
3.78
|
0.8
|
N. Central
|
4.50
|
0.6
|
3.82
|
0.6
|
Southwest
|
4.36
|
0.7
|
3.77
|
0.7
|
West
|
4.35
|
0.9
|
3.72
|
0.7
|
Five/One-Year Adjustable-Rate Mortgages
|
|
First Commitment Rate
|
Fees & Points
|
Margin
|
US
|
3.45
|
0.6
|
2.75
|
Northeast
|
3.55
|
0.5
|
2.77
|
Southeast
|
3.30
|
0.6
|
2.75
|
N. Central
|
3.53
|
0.5
|
2.73
|
Southwest
|
3.44
|
0.7
|
2.78
|
West
|
3.40
|
0.8
|
2.73
|
One-Year Adjustable-Rate Mortgages
|
|
First Commitment Rate
|
Fees & Points
|
Margin
|
US
|
3.23
|
0.6
|
2.77
|
Northeast
|
3.19
|
0.5
|
2.80
|
Southeast
|
3.05
|
0.6
|
2.75
|
N. Central
|
3.40
|
0.2
|
2.75
|
Southwest
|
3.31
|
0.8
|
2.77
|
West
|
3.20
|
1.0
|
2.75
|
Freddie Mac Region
|
PMMS Weights
|
|
Northeast
|
27.1
|
|
Southeast
|
13.6
|
|
North Central
|
17.2
|
|
Southwest
|
12.8
|
|
West
|
29.3
|
|
|
|
|
|
|
|
|
|
Primary Mortgage Market Survey Results
November 24, 2010
30-Year Fixed Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
4.40
|
4.40
|
4.40
|
4.50
|
4.36
|
4.35
|
Fees & Points
|
0.8
|
0.7
|
0.9
|
0.6
|
0.7
|
0.9
|
15-Year Fixed Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
3.77
|
3.80
|
3.78
|
3.82
|
3.77
|
3.72
|
Fees & Points
|
0.7
|
0.6
|
0.8
|
0.6
|
0.7
|
0.7
|
5/1-Year Adjustable Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
3.45
|
3.55
|
3.30
|
3.53
|
3.44
|
3.40
|
Fees & Points
|
0.6
|
0.5
|
0.6
|
0.5
|
0.7
|
0.8
|
Margin
|
2.75
|
2.77
|
2.75
|
2.73
|
2.78
|
2.73
|
1-Year Adjustable Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
3.23
|
3.19
|
3.05
|
3.40
|
3.31
|
3.20
|
Fees & Points
|
0.6
|
0.5
|
0.6
|
0.2
|
0.8
|
1.0
|
Margin
|
2.77
|
2.80
|
2.75
|
2.75
|
2.77
|
2.75
|
The National Mortgage Rate Snapshot
|
|
One Year Ago
|
One Week Ago
|
|
30-YR
|
15-YR
|
5/1-YR
|
1-YR ARM
|
30-YR
|
15-YR
|
5/1-YR
|
1-YR ARM
|
Average
|
4.78
|
4.29
|
4.18
|
4.35
|
4.39
|
3.76
|
3.40
|
3.26
|
Fees & Points
|
0.7
|
0.6
|
0.6
|
0.7
|
0.9
|
0.7
|
0.7
|
0.6
|
Margin
|
N/A
|
N/A
|
2.74
|
2.75
|
N/A
|
N/A
|
2.75
|
2.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac's Primary Mortgage Market Survey
(PMMS) is for informational purposes only and Freddie Mac is not
responsible for business decisions made based on the reported results of
the PMMS. In general, the data presented were calculated from
information collected Monday through Wednesday of the same week that the
PMMS is released and may not reflect mortgage rates, fees or points
currently available from any lender. Freddie Mac may change the
methodology used to conduct the PMMS at any time and without notice.
To subscribe or visit go to:
http://www.riskcenter.com
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