Freddie Mac: Mortgage Rates Rose For Second Consecutive Week

Posted by Patrick Barnard on November 12, 2015 No Comments
Categories : Residential Mortgage

Fixed mortgage rates increased for the week ending Nov. 12 amid continued market expectations of a possible rate increase by the Federal Reserve and following a stronger-than-expected jobs report, according to Freddie Mac's latest Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.98%, an increase from the previous week when it averaged 3.87%. A year ago at this time, the 30-year FRM averaged 4.01%.

The average rate for a 15-year FRM was 3.20%, an increase from the previous week when it averaged 3.09%. A year ago at this time, the 15-year FRM averaged 3.20%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.03%, up from 2.96% the week prior. A year ago, the five-year ARM averaged 3.02%.

The average rate for a one-year Treasury-indexed ARM this past week was 2.65%, up from the previous week's 2.62%. A year ago, the one-year ARM averaged 2.43%.

‘A surprisingly strong October jobs report showed 271,000 jobs added and wage growth of 0.4 percent from last month, exceeding many experts' expectations,’ says Sean Becketti, chief economist for Freddie Mac. ‘The positive employment reports pushed Treasury yields to about 2.3 percent as investors responded by placing a higher likelihood on a December rate hike. Mortgage rates followed, with the 30-year jumping 11 basis points to 3.98 percent, the highest since July.’

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