3 reasons why California housing is about to go bust

Here's where expert economists think housing is going

Where will we be in 2019?

Washington is protecting buyers right out of homeownership

BPC Housing Commissioner: Give borrowers a chance to fail
W S

Freddie Sees Weekly 30-Year Fixed Rate Pass 5%

/ Print / Reprints /
| Share More
/ Text Size+
Mortgage rates inched up last week, the third consecutive week of increases, according to two rate surveys. Freddie Mac’s (FRE) weekly survey put the 30-year fixed-rate mortgage (FRM) interest rate at 5.03% with an average 0.7 point for the week ending Oct. 29, up from 5% in the previous week. A year ago, the rate was 6.46%. A separate survey of large US banks and thrifts conducted by Bankrate.com put the 30-year FRM at 5.35% with an average 0.37 point. That’s an increase of 1bp from the previous week. One year ago, the rate was 6.77%. Freddie Mac said the 15-year FRM rate was 4.46% with an average 0.6 point, up from 4.43% last week. Last year, the 15-year FRM was 6.19%. Bankrate.com said the 15-year FRM was 4.74%, up 2bps from last week. Freddie said the five-year Treasury-index hybrid adjustable-rate mortgage (ARM) was 4.42% with an average 0.6 point, up from last week when it was 4.4%. A year ago it was 6.36%. Bankrate.com put the benchmark 5/1 ARM down 5bps to 4.64%. The one-year Treasury-indexed ARM averaged 4.57% with an average 0.6 point this week, up from 4.54% last week. At this time last year, the 1-year ARM averaged 5.38%. Sales have increased, prices are down and supply is starting to decline, Bankrate.com said. Susan Wachter, a real estate professor at the University of Pennsylvania's Wharton School of Business, said in the Bankrate.com survey the housing market is not at a false bottom. "These are strong numbers, but not surprisingly strong numbers," Wachter said. “The fundamentals are in place for a recovery — however, a slow recovery.” Write to Austin Kilgore.

Recent Articles by Austin Kilgore

Comments powered by Disqus