Mortgage Rates Back On The Rise

Posted by Patrick Barnard on October 31, 2014 No Comments
Categories : Residential Mortgage

Mortgage rates crept back up, but some rates remained below 4.0% during the week ending Oct. 30, according to Freddie Mac's Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.98%, up from 3.92% the previous week. A year ago at this time, the 30-year FRM averaged 4.10%.

The average rate for a 15-year FRM was 3.13%, up from 3.08% the week prior. 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 2.94%, up from 2.91% the previous week. A year ago, the five-year ARM averaged 2.96%.

The average rate for a one-year Treasury-indexed ARM was 2.43%, up from last week's 2.41%. At this time last year, the one-year ARM averaged 2.51%.

‘Mortgage rates grew across the board this week, rebounding from the lowest rates of the year,’ says Frank Nothaft, vice president and chief economist, Freddie Mac, in a statement. ‘New home sales grew at an annual rate of 467,000 sales in September, the fastest rate observed during the recovery. Meanwhile, the National S&P Case-Shiller House Price Index grew at a seasonally adjusted annual rate of 0.4 percent in August.’

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