The results of a recently released Freddie Mac Primary Mortgage Market Survey® (PMMS®), showed that average fixed mortgage rates slightly down from the previous week with the 30-year fixed-rate mortgage dipping just below four percent.
"Fixed mortgage rates were slightly down as housing starts declined 2.8 percent in October below the upwardly revised September rate,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “However, building permits increased 4.8 percent in October after a 2.8 percent boost a month earlier. Lastly, industrial production slipped by 0.1 percent in October, below the market consensus forecast."
The PMMS® showed that they 30-year fixed-rate mortgage (FRM) averaged 3.99 percent with an average 0.5 point for the week ending November 20, 2014, down from the previous week's 4.01 percent. A year ago at this time, the 30-year FRM averaged 4.22 percent. â€¨
Additionally, the 15-year FRM averaged 3.17 percent with an average 0.5 point, down from the last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent. â€¨
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent with an average 0.5 point, down from the week prior when it averaged 3.02 percent. A year ago, the 5-year ARM averaged 2.95 percent.â€¨
The 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, up from last week when it averaged 2.43 percent. At this time last year, the 1-year ARM averaged 2.61 percent.â€¨
For more information, visit FreddieMac.com.