November 18, 2010 (Chris Moore)
Freddie Mac today 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) rose dramatically this week, as did the 5-year ARM. The 1-year ARM remained unchanged from the previous week.
- 30-year fixed-rate mortgage (FRM) averaged 4.39 percent with an average 0.9 point for the week ending November 18, 2010, up from last week when it averaged 4.17 percent. Last year at this time, the 30-year FRM averaged 4.83 percent.
- 15-year FRM this week averaged 3.76 percent with an average 0.7 point, up from last week when it averaged 3.57 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.40 percent this week, with an average 0.7 point, up from last week when it averaged 3.25 percent. A year ago, the 5-year ARM averaged 4.25 percent.
- 1-year Treasury-indexed ARM averaged 3.26 percent this week with an average 0.6 point, unchanged from last week when it also averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.35 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac stated, “Rates on 30-year fixed-rate mortgages were up to the highest level since early August and rates on shorter-maturity loans rose as well, although by somewhat lesser amounts. Retail sales rose by nearly twice the consensus in October and represented the strongest gain since March. Moreover, consumer sentiment, as measured by the University of Michigan, ticked up in November to the highest level since June.”