Mortgage Rates Hold Steady for Another Week, 30 Year at 4%

November 17, 2011 (Shirley Allen)

Average mortgage rates held steady for another week with both the 30-year and 15-year fixed rate mortgages only increasing by one basis point since last week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending November 17th.

Fixed Rate Mortgages:

Fixed rate mortgage interest rates ticked up slightly in the last week with the 30-year fixed rate mortgage averaging 4.00 percent with an average of 0.7 points, up from last week’s average of 3.99 percent. A year ago the 30-year fixed rate mortgage averaged 4.39 percent.

The 15-year fixed rate mortgage averaged 3.31 percent this week with an average 0.7 points, up from 3.30 percent the previous week, and down from 3.76 percent a year ago.

Adjustable Rate Mortgages:

Adjustable rate mortgage interest rates were mixed with the 5-year Treasury-indexed hybrid ARM averaging 2.97 percent, down from 2.98 percent last week, with an average of 0.6 points. The 5-year adjustable rate mortgage averaged 3.40 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage increased this week, averaging 2.98 percent with an average of 0.6 points, up from 2.95 percent the previous week. A year ago, the 1 year adjustable rate mortgage averaged 3.26 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Mortgage rates were little changed this week just as the economy is showing potential for further gains in the near term. Retail sales rose for the fifth straight month in October and beat the market consensus forecast. Meanwhile, consumer confidence rose for the third consecutive month in early November to the highest reading since June, according to the University of Michigan’s sentiment index. Lastly, homebuilder confidence exhibited a back-to-back monthly increase in November to the strongest level since May 2010, based on the NAHB/Wells Fargo Housing Market Index.”

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 4.00 4.00 4.06 3.99 4.03 3.94
Fees & Points 0.7 0.7 0.8 0.6 0.7 0.7

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.31 3.33 3.34 3.31 3.37 3.26
Fees & Points 0.7 0.7 0.9 0.6 0.8 0.8

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.97 3.07 2.93 3.07 2.95 2.81
Fees & Points 0.6 0.6 0.6 0.4 0.6 0.6
Margin 2.74 2.73 2.75 2.73 2.76 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.98 3.06 2.83 3.44 2.84 2.73
Fees & Points 0.6 0.8 0.7 0.4 0.6 0.5
Margin 2.76 2.79 2.78 2.73 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 4.39   3.76   3.40   3.26   3.99   3.30   2.98   2.95  
Fees & Points 0.9   0.7   0.7   0.6   0.7   0.8   0.6   0.6  
Margin N/A N/A 2.75   2.77   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac