30-year fixed-rate mortgage (FRM) averaged 4.00 percent with an average 0.7 point for the week ending November 3, 2011, down from last week when it averaged 4.10 percent. Last year at this time, the 30-year FRM averaged 4.24 percent.
15-year FRM this week averaged 3.31 percent with an average 0.7 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 3.63 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, down from last week when it averaged 3.08 percent. A year ago, the 5-year ARM averaged 3.39 percent.
1-year Treasury-indexed ARM averaged 2.88 percent this week with an average 0.6 point, down from last week when it averaged 2.90 percent. At this time last year, the 1-year ARM averaged 3.26 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, "Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates. Meanwhile, on the home front, the U.S. economy continued its gradual recovery. The Bureau of Economic Analysis reported the economy grew 2.5 percent in the third quarter, the strongest pace in a year, led by a surge in consumer expenditures. In addition, consumer spending rose 0.6 percent in September, nearly threefold that of August. Finally, consumer sentiment, as measured by the Thomson Reuters/University of Michigan index, rose for the second month in a row in October to its highest reading since July."
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Copyright ©2013Realty Times®. All Rights Reserved
