Average fixed mortgage rates moved higher for the second consecutive week amid better-than-expected economic data for the week ending Nov. 6, according to Freddie Mac's Primary Mortgage Market Survey. The 30-year fixed-rate mortgage (FRM) also rose above 4% for the first time in three weeks.
The average rate for a 30-year FRM was 4.02%, up from 3.98% the previous week. A year ago at this time, the 30-year FRM averaged 4.16%.
The average rate for a 15-year FRM was 3.21%, up from 3.13% the week prior. A year ago at this time, the 15-year FRM averaged 3.27%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.9%, up from the previous week's 2.94%. A year ago, the five-year ARM was 2.96%.
The one-year Treasury-indexed ARM averaged 2.45%, up from 2.43%. At this time last year, the one-year ARM averaged 2.61%.
‘Mortgage rates continued to rise this week with the 30-year fixed-rate mortgage eclipsing the 4 percent mark,’ says Frank Nothaft, vice president and chief economist for Freddie Mac, in a release. ‘The rate increases coincide with real GDP-beating consensus expectations of 3.0 percent growth by growing at an annualized rate of 3.5 percent in the third quarter.’