Freddie Mac: Mortgage Rates Inched Up But Remain Near Year-Low

Posted by Patrick Barnard on December 11, 2014 No Comments
Categories : Residential Mortgage

Mortgage rates inched back up during the week ended Dec. 11, according to Freddie Mac's Primary Mortgage Market Survey.

Still, the average rate for a 30-year fixed-rate mortgage (FRM) remained near its record low for the year at 3.93%, a slight increase from 3.89% the previous week. A year ago at this time, the 30-year FRM averaged 4.42%.

The average rate for a 15-year FRM was 3.20%, up from 3.10% the week prior. A year ago at this time, the 15-year FRM averaged 3.43%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.98%, up from 2.94% the previous week. A year ago, the five-year ARM averaged 2.94%.

The average rate for a one-year Treasury-indexed ARM was 2.40%, down slightly from 2.41%. At this time last year, the one-year ARM averaged 2.51%.

‘Fixed mortgage rates rebounded this week with the 30-year fixed mortgage rate increasing to 3.93 percent after declining for four weeks in a row,’ says Frank Nothaft, vice president and chief economist, Freddie Mac, in a release. ‘The rate rise comes on the heels of an uplifting jobs report showing non-farm payrolls adding 321,000 new jobs in November – 91,000 more jobs than expected. The unemployment rate remained unchanged at 5.8 percent.’

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