Average fixed mortgage rates are declining amid weaker manufacturing growth and declines in overall inflation rates, according to the results of Freddie Mac's Primary Mortgage Market Survey.
The government-sponsored enterprise has reported the following:
– The 30-year fixed-rate mortgage (FRM) averaged 4.22% with an average 0.7 point for the week ending Nov. 21, down from the prior week, when it averaged 4.35%. A year ago at this time, the 30-year FRM averaged 3.31%.
– The 15-year FRM for the week averaged 3.27%, with an average 0.7 point, down from last week when it averaged 3.35%. A year ago at this time, the 15-year FRM averaged 2.63%.
– The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95%, with an average 0.5 point, down from the prior week when it averaged 3.01%. A year ago, the five-year ARM averaged 2.74%.
– The one-year Treasury-indexed ARM averaged 2.61% this week with an average 0.4 point, unchanged from last week. At this time last year, the one-year ARM averaged 2.56%.
"Fixed mortgage rates fell this week on reports of weaker manufacturing growth and declines in overall inflation rates," comments Frank Nothaft, vice president and chief economist for Freddie Mac. "Industrial production slipped by 0.1 percent in October, below the market consensus forecast of a 0.2 percent gain. The consumer price index also unexpectedly fell during the month. On an annual basis, consumer prices are up 1 percent – the smallest increase since October 2009.’
To view more results of the survey, click here.