Mortgage Rates Rise Slightly After Two Weeks of Record Lows
Moments ago, Freddie Mac released the results of its Primary Mortgage Market Survey showing mortgage rates edging slightly higher, but still remaining near their all-time lows this week. This is the first time in two weeks mortgage rates haven’t hit record lows.
Frank Nothaft, chief economist of Freddie Mac attributed saying, “Mortgage rates were little changed this holiday week following the employment report for September…Employment in the prior two months was revised up to 86,000 and the unemployment rate fell to 7.8 percent, marking the lowest rate since January 2009.”
- 30-year fixed-rate mortgage (FRM) averaged 3.39 percent for the week ending October 11, 2012, up from last week when it averaged 3.36 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
- 15-year FRM averaged 2.70 percent, up from last week when it averaged 2.69 percent. Last week was the first time in 2 years that the 15-year FRM was lower than the 5-year adjustable-rate mortgage (ARM). Last year, the 15-year FRM averaged 3.37 percent.
- 5-year ARM averaged 2.73 percent this week, up from last week when the 5-year ARM averaged 2.72 percent. At this time a year ago, the 5-year ARM averaged 3.06 percent.
- 1-year ARM averaged 2.59 percent, up from last week when it averaged 2.57 percent. A year ago, the 1-year ARM averaged 2.90 percent.
You can follow any responses to this entry through the RSS 2.0 feed.