November 24 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) edged up slightly this week. The 5-year ARM also rose, while the 1-year ARM fell a bit from the previous week.
- 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.
Frank Nothaft, vice president and chief economist, Freddie Mac stated, “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.”