Monday Morning Cup of Coffee: When will mortgage lending pick up?

Monday Morning Cup of Coffee: When will mortgage lending pick up?

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Freddie Mac mortgage rates uptick for fourth consecutive week

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Mortgage interest rates rose slightly this week, marking the fourth consecutive week of increases, according to the Freddie Mac Primary Mortgage Market Survey. The rate for a 30-year fixed-rate mortgage was 4.4% with an origination point of 0.8, up slightly from 4.39% last week. The rate one year ago was 4.79%. The 15-year FRM reached 3.77%, up from 3.76% last week, but still much below the rate last year at 4.29%. The 5-year Treasury adjustable-rate mortgage rate increased 5 basis points to an average 3.45%, while the 1-year Treasury ARM hit a new record low at 3.23%, down from 3.26% last week. The rates one year ago were 4.18% and 4.35%, respectively. Frank Nothaft, chief economist at Freddie Mac, attributed the stabilization to positive economic factors. "Growth in growth domestic product in the third quarter was revised up from the initial estimate to an annualized rate of 2.5%, as strong consumer spending and exports supported the revision," Nothaft said. "Homeowner balance sheets are also improving." A new study done by Campbell and Inside Mortgage Finance showed that most homeowners in September used cash to finance their home purchases in an effort to deleverage their debt. Tuesday, Freddie Mac reported that delinquencies on loans it funds are up slightly to 3.82% from 3.8%. Write to Christine Ricciardi.

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