Mortgage Rates Higher for Second Consecutive Week
Mortgage Rates Move Higher
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates rising amid continued market expectations of a possible rate increase by the Federal Reserve and following a stronger than expected jobs report.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.98 percent, up from last week when it averaged 3.87 percent. A year ago at this time, the 30-year FRM averaged 4.01 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.20 percent, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 3.03 percent, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.02 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.65 percent, up from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.43 percent.
Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.
Attributed to Sean Becketti, chief economist, Freddie Mac:
“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. 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. There is only one more employment report before the December FOMC meeting, which will have major implications on whether we see a rate hike in 2015.”
Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.
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