Freddie Mac: 30-year fixed mortgage rate up for first time in five weeks
The average rate on a 30-year fixed-rate mortgage increased for the first time in five weeks to 4.21% with an average 0.8 point for the week ending Oct. 21, according to the weekly Freddie Mac market survey. Last week, average rate on a 30-year FRM fell to the lowest level since 1951, but it climbed two basis points since. A year ago, the average was 5%. The 15-year FRM increased two bps to 3.64% with and average 0.7 point. Last year, it was 4.43%. Averages on other mortgage products reached record lows. The five-year Treasury-indexed hybrid adjustable-rate mortgage dropped two bps to 3.45% with an average 0.6 point, the lowest Freddie has ever measured for this product since 2005. In the same week last year, the average rate was 4.4%. The one-year Treasury-indexed ARM averaged 3.3% with an average 0.7 pint, down 13 bps from the previous week and the lowest point since 1984. It's also down from 4.5% a year ago. "Mixed inflation signals kept fixed mortgage rates at bay this week. The headline producer price index jumped 0.4 percent between August and September, which was quadruple the market consensus, while the consumer price index fell below the market forecast," Frank Nothaft, vice president and chief economist at Freddie, said. Bankrate.com measures average mortgage rates as well. According to its analysis, the average on a 30-year FRM fell five bps to 4.42%. The 15-year FRM fell three bps to 3.82%, and the 5/1 ARM fell two bps to 3.6%. The average rate on a 30-year jumbo mortgage dropped 2 bps to 5.08%. Write to Jon Prior.