The WPJ
Residential Real Estate News
Mortgage Rates Uptick, Still Below Four Percent
According to Freddie Mac latest Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate moving higher across the board this week and rebounding from the lowest rates of the year.
Frank Nothaft, Freddie Mac's vice president and chief economist said, "Mortgage rates grew across the board this week, rebounding from the lowest rates of the year. 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."
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.5 point for the week ending October 30, 2014, up from last week when it averaged 3.92 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.
- 15-year FRM this week averaged 3.13 percent with an average 0.5 point, up from last week when it averaged 3.08 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent this week with an average 0.5 point, up from last week when it averaged 2.91 percent. A year ago, the 5-year ARM averaged 2.96 percent.
- 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.4 point, up from last week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.51 percent.
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