Rates for 30-year fixed-rate mortgages (FRMs) continued to average around 4% during the week ending Nov. 13, according to Freddie Mac's Primary Mortgage Market Survey.
The average rate for a 30-year FRM was 4.01%, down slightly from 4.02% the previous week. A year ago at this time, the 30-year FRM averaged 4.35%.
The average rate for a 15-year FRM was 3.20%, down from 3.21% the previous week. A year ago at this time, the 15-year FRM averaged 3.35%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.02%, up from 2.97% the week prior. A year ago, the five-year ARM averaged 3.01%.
The average rate for a one-year Treasury-indexed ARM was 2.43%, down slightly from 2.45% the previous week. At this time last year, the one-year ARM averaged 2.61%.
‘Fixed mortgage rates were slightly down on mixed results from October's employment report,’ says Frank Nothaft, vice president and chief economist, Freddie Mac, in a release. ‘While the unemployment rate declined to 5.8 percent, non-farm employment rose by 214,000 jobs, which was below consensus expectations. Net revisions for payroll employment in August and September added 31,000 more jobs to the initial readings.’