Freddie Mac: Mortgage Rates Dip Again On Mixed Data

Posted by Patrick Barnard on November 27, 2013 No Comments
Categories : Residential Mortgage

After declining the week prior, fixed mortgage rates inched back up again during the week ending Nov. 27, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 4.29% – about 0.7 points higher compared to the previous week when it averaged 4.22%. A year ago at this time, the 30-year FRM averaged 3.32%.

The average rate for a 15-year fixed rate mortgage was 3.3% – up about 0.7 points compared to the previous week when it averaged 3.27%. A year ago at this time, the 15-year FRM averaged 2.64%.

The average rate for a five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) was 2.94% – down about 0.5 points compared to the week prior, when it averaged 2.95%. A year ago, the five-year ARM averaged 2.72%.

The average rate for a one-year Treasury-indexed ARM was 2.6% – down about 0.4 points compared to the previous week, when it averaged 2.61%. At this time last year, the 1-year ARM averaged 2.56%.

‘Fixed mortgage rates retraced some of their decline of the prior week as housing data portrayed mixed signals,’ says Frank Nothaft, vice president and chief economist, Freddie Mac, in a statement. ‘The National Association of Realtors reported that its pending sales metric dipped for the fifth consecutive month and was slightly below year-ago levels, presaging a softening in sales near yearend.

‘Nonetheless, house prices rose as homes-for-sale inventory remained tight in many markets,’ Nothaft added. ‘The S&P/Case-Shiller House Price index released yesterday showed prices in the 20 largest cities increased 13.3 percent annually in September, the highest year-over-year increase since February 2006, and a bit stronger than the Federal Housing Finance Agency's U.S.-wide Purchase-Only index, which appreciated 8.5 percent over the same period.’

Register here to receive our Latest Headlines email newsletter




Leave a Comment