Mortgage rates edged higher for the second consecutive week, slowly moving away from October’s yearly lows, according to Freddie Mac’s latest Primary Mortgage Market survey.
The 30-year, fixed-rate mortgage increased above 4% and averaged 4.02% for the week ended Nov. 6, up from last week’s 3.98%. A year ago, the 30-yr, FRM came in at 4.16%.
Also rising, the 15-year, FRM averaged 3.21% compared to 3.13% a week ago and 3.27% a year ago.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage grew from 2.94% a week ago to 2.97%. In 2013, the 5-year ARM averaged 2.96%.
The 1-year Treasury-indexed ARM hit 2.45%, a rise from 2.43% a week prior. This is also up from 2.61% in 2013.
“Mortgage rates continued to rise this week with the 30-year fixed-rate mortgage eclipsing the 4% mark. The rate increases coincide with real GDP beating consensus expectations of 3% growth by growing at an annualized rate of 3.5% in the third quarter. The ISM Manufacturing Index also beat expectations registering 59 in October, up from September’s reading of 56.6,” said Frank Nothaft, vice president and chief economist with Freddie Mac.
Bankrate recorded the 30-yr, FRM slightly rising to 4.14% compared to 4.10% last week.
The 15-yr, FRM rose to 3.34%, up from 3.27%, while the 5/1 ARM marginally increased to 3.18%, up from 3.17%.