Rates Move Higher for the First Time in Three Weeks
Mortgage rates reversed course this week, moving upwards for the first time in three weeks amid more positive economic data, Freddie Mac reports in its weekly mortgage market survey. Production in the manufacturing industry and non-manufacturing sector alike showed signs of expanding.
Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 7:
- 30-year fixed-rate mortgages: averaged 4.16 percent, with an average 0.8 point, rising from last week’s 4.10 percent average. Last year at this time, 30-year rates averaged 3.40 percent.
- 15-year fixed-rate mortgages: averaged 3.27 percent, with an average 0.7 point, rising from last week’s 3.20 percent average. A year ago, 15-year rates averaged 2.69 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.96 percent, with an average 0.5 point, holding the same average as last week. Last year at this time, 5 year ARMs averaged 2.73 percent.
- 1-year ARMs: averaged 2.61 percent, with an average 0.5 point, dropping from last week’s 2.64 percent average. A year ago, 1-year ARMs averaged 2.59 percent.
Source: Freddie Mac