Mortgage rates unchanged amid improving economic data
Freddie Mac: 30-year, FRM comes in at 4.42%
The 30-year, fixed-rate mortgage averaged 4.42% this past week, down slightly from 4.46% in the prior seven-day period, according to Freddie Mac’s latest Primary Mortgage Market Survey.
A year earlier, the same rate hovered at 3.32% on average as the economy lingered at higher unemployment levels.
The 15-year, FRM also came in at 3.42%, down from 3.47% in the prior report, and up significantly from 2.66% last year.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.94%, down from 2.99% in the last report and 2.70% a year earlier.
The one-year Treasury-indexed ARM came in at 2.51%, down from 2.59% in the prior report.
"Mortgage rates were little changed amid a light week of economic data releases. Of the few releases, total nonfarm payroll employment rose by 203,000 in November and the unemployment rate declined to 7.0 percent,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “Also, single family mortgage debt outstanding increased for the first time since 2008. This is a positive sign as it reflects that the pick-up in new purchase-money originations has offset loan paydowns and led to a net increase in principal outstanding.”