Mortgage Rates Inch Up Slightly

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates slightly up from the last week, but with the average 30-year fixed-rate mortgage remaining below four percent.

"Fixed mortgage rates rebounded this week with the 30-year fixed mortgage rate increasing to 3.93 percent after declining for four weeks in a row,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “The rate rise comes on the heels of an uplifting jobs report showing nonfarm payrolls adding 321,000 new jobs in November -- 91,000 more jobs than expected. The unemployment rate remained unchanged at 5.8 percent."

The 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.5 point for the week ending December 11, 2014, up from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 4.42 percent. 

Additionally, the 15-year FRM this week averaged 3.20 percent with an average 0.5 point, up from last week when it averaged 3.10 percent. A year ago at this time, the 15-year FRM averaged 3.43 percent. 

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.5 point, up from last week when it averaged 2.94 percent. A year ago, the 5-year ARM averaged 2.94 percent.

The 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, down from last week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.51 percent.

Reprinted with permission from RISMedia. ©2014. All rights reserved.