U.S. Mortgage Rates Move Higher for Second Consecutive Week
Location: McLean
Date: 2014-11-07
Freddie Mac (OTCQB:
FMCC) yesterday released the results of its
Primary Mortgage Market Survey® (PMMS®), showing average
fixed mortgage rates moving higher for the second consecutive week
amid better than expected economic data. This 30-year fixed-rate
mortgage also rose above 4 percent for the first time in three
weeks.
News Facts
-
30-year fixed-rate mortgage (FRM) averaged 4.02 percent with
an average 0.5 point for the week ending November 6, 2014, up
from last week when it averaged 3.98 percent. A year ago at this
time, the 30-year FRM averaged 4.16 percent.
-
15-year FRM this week averaged 3.21 percent with an average
0.5 point, up from last week when it averaged 3.13 percent. A
year ago at this time, the 15-year FRM averaged 3.27 percent.
-
5-year Treasury-indexed hybrid adjustable-rate mortgage
(ARM) averaged 2.97 percent this week with an average 0.5 point,
up from last week when it averaged 2.94 percent. A year ago, the
5-year ARM averaged 2.96 percent.
-
1-year Treasury-indexed ARM averaged 2.45 percent this week
with an average 0.4 point, up from last week when it averaged
2.43 percent. At this time last year, the 1-year ARM averaged
2.61 percent.
Average commitment rates should be reported along with average fees
and points to reflect the total upfront cost of obtaining the
mortgage. Visit the following links for the
Regional and National Mortgage Rate Details and
Definitions. Borrowers may still pay closing costs which are not
included in the survey.
Quotes
Attributed to Frank Nothaft, vice president and chief economist,
Freddie Mac.
"Mortgage rates continued to rise this week with the 30-year
fixed-rate mortgage eclipsing the 4 percent mark. The rate increases
coincide with real
GDP beating consensus expectations of 3.0 percent growth by
growing at an annualized rate of 3.5 percent in the third quarter.
The ISM Manufacturing
Index also beat expectations registering 59 in October, up from
September's reading of 56.6."
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