Mortgage rates move slightly higher – Week ending 11/7/2013

upFreddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher for the first time in three weeks amid more positive economic data out of the manufacturing and non-manufacturing sectors.

News Facts

  • 30-year fixed-rate mortgage rates averaged 4.16 percent with an average 0.8 point for the week ending November 7, 2013, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent.
  • 15-year fixed rate mortgages this week averaged 3.27 percent with an average 0.7 point, up from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 2.69 percent.
  • 5-year adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.73 percent.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Fixed mortgage rates rebounded slightly this week on more positive economic data releases. Production in the manufacturing industry expanded for the fifth month in a row in October to the strongest pace since April 2011. Similarly, the non-manufacturing sector grew for the second consecutive month in October and beat the market consensus forecast of a decline. These increases were widespread across the nation, from Minneapolis, to Milwaukee to New York.”

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Freddie Mac’s survey is the average of loans bought from lenders  last week, including discount points. Applicants must pay all closing costs at these rates. No cost loan rates higher.


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