Mortgage rates moved away from last week’s yearly lows and slightly increased across the board, Freddie Mac’s Primary Mortgage Market Survey said.
The 30-year, fixed-rate mortgage averaged 3.98% for the week ended Oct. 30, barely up from last week’s 3.92%. A year ago, the 30-year, FRM came in at 4.10%.
In addition, the 15-yr, FRM jumped from 3.08% last week to 3.13% this week, but still is down from 3.20% a year ago.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage increased to 2.94%, up from 2.91% a week prior and 2.96% a year ago.
The 1-year Treasury-indexed ARM slightly escalated to 2.43%, compared to 2.41% the previous week. In 2013, the 1-year, Treasury was 2.51%.
“Mortgage rates grew across the board this week, rebounding from the lowest rates of the year. New home sales grew at an annual rate of 467,000 sales in September, the fastest rate observed during the recovery,” said Frank Nothaft, vice president and chief economist with Freddie Mac.
“Meanwhile, the National S&P Case-Shiller House Price Index grew at a seasonally adjusted annual rate of 0.4 percent in August,” he added.
Bankrate also reported a rise in rates, with the 30-year, FRM rising to 4.10%, up from 4.05% last week.
The 15-year, FRM grew to 3.27%, up from 3.21%, while the 5/1 ARM increased to 3.17%, up from 3.14%.
If you want to discuss the interest rates and housing market further, please don’t hesitate to contact us.
Michelle & Heidi