Mortgage Rates Move Higher for Second Consecutive Week
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving higher for the second consecutive week amid better than expected economic data. The 30-year fixed-rate mortgage also rose above 4 percent for the first time in three weeks.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.02 percent, up from last week when it averaged 3.98 percent. A year ago at this time, the 30-year FRM averaged 4.16 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 3.21 percent, up from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.97 percent, up from last week when it averaged 2.94 percent. A year ago, the 5-year ARM averaged 2.96 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.45 percent, up from last week when it averaged 2.43 percent. At this time last year, the 1-year ARM averaged 2.61 percent.
Mortgage Rates are on the rise. 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 Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates continued to rise this week with the 30-year fixed-rate mortgage eclipsing the 4 percent mark. The rate increases coincide with real GDP beating consensus expectations of 3.0 percent growth by growing at an annualized rate of 3.5 percent in the third quarter. The ISM Manufacturing Index also beat expectations registering 59 in October, up from September’s reading of 56.6.”
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.
Want to Lock & Shop?
Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.
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