Mortgage Rates Continue Slow March Upward

November 3 2010 (Chris Moore)
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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the both fixed- and shorter-term mortgage rates rose this week. This was the third week in a row where fixed-rate mortgage rates were up.

  • 30-year fixed-rate mortgage (FRM) averaged 4.46 percent with an average 0.8 point for the week ending December 2, 2010, up from last week when it averaged 4.40 percent. Last year at this time, the 30-year FRM averaged 4.71 percent.
  • 15-year FRM this week averaged 3.81 percent with an average 0.7 point, up from last week when it averaged 3.77 percent. A year ago at this time, the 15-year FRM averaged 4.27 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.49 percent this week, with an average 0.6 point, up from last week when it averaged 3.45 percent. A year ago, the 5-year ARM averaged 4.19 percent.
  • 1-year Treasury-indexed ARM averaged 3.25 percent this week with an average 0.6 point, up from last week when it averaged 3.23 percent. At this time last year, the 1-year ARM averaged 4.25 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac stated, “Mortgage rates followed bond yields higher this week as recently released economic data suggest the economy may be stronger this quarter than the previous. Regional manufacturing indexes for Dallas, Chicago and Milwaukee all rose in November. In addition, the Federal Reserve noted that 10 of its 12 regions saw improvement through mid-November in its December 1st regional economic review.

And…

“House prices indices, however, are trending downwards. The 12-month growth rate in the S&P/Case-Shiller® 20-city index eased from 1.7 percent in August to 0.6 percent in September. Only six of the cities had positive annual growth, compared to nine in August.”

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates