Long Term Mortgage Rates Tick Slightly Upward This Week

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According to Freddie Mac's (OTC: FMCC) latest Primary Mortgage Market Survey  (PMMS), the 30-year fixed-rate mortgage rate and the 5-year adjustable rose slightly this week while other rates remained flat or fell lower.

Frank Nothaft, vice president and chief economist of Freddie Mac said, "While overall employment was down in August, private non-farm payrolls rose more than the market consensus forecast, and the prior two months' employment figures were revised up. This somewhat sanguine report had a mixed effect on mortgage rates this week, with the 30-year fixed rate nudged up but the 15-year fixed rate unchanged. Pending sales of existing homes rebounded in July, a hopeful sign that existing home sales picked up toward the end of summer."

Freddie Mac reported that 30-year fixed-rate mortgages (FRM) averaged 4.35 percent with an average 0.7 point for the week ending September 9, 2010, up from last week when it averaged 4.32 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.

The 15-year FRM averaged a record low of 3.83 percent with an average 0.6 point, unchanged from last week when it also averaged 3.83 percent. A year ago at this time, the 15-year FRM averaged 4.50 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56 percent this week, with an average 0.6 point, up from last week when it averaged 3.54 percent. A year ago, the 5-year ARM averaged 4.51 percent.

The 1-year Treasury-indexed ARM averaged 3.46 percent this week with an average 0.7 point, down from last week when it averaged 3.50 percent. At this time last year, the 1-year ARM averaged 4.64 percent.



Freddie Mac defines its regions as follows:

Northeast: NY, NJ, PA, DE, MD, DC, VA, WV, ME, NH, VT, MA, RI, CT
Southeast: NC, SC, TN, KY, GA, AL, FL, MS, PR, VI
North Central: OH, IN, IL, MI, WI, MN, IA, ND, SD
Southwest: TX, LA, NM, OK, AR, MO, KS, CO, NE, WY
West: CA, AZ, NV, OR, WA, UT, ID, MT, HI, AK, GU

 

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