Interest rates up across all types of mortgages: Freddie Mac
Mortgage rates increased across the board for the week ending Dec. 2 on signs of a stronger economy, according to the weekly Freddie Mac survey. Freddie Mac Chief Economist Frank Nothaft said rates followed bond yields on the way up following stronger economic data in the third quarter. The Federal Reserve noted 10 of its 12 economic regions saw improvement in mid-November, and manufacturing indices in Dallas, Chicago and Milwaukee increased in November. The 30-year fixed-rate mortgage averaged a 4.46% rate with an average 0.8 point for the week, up from 4.4% the week before. A year ago, the 30-year FRM averaged 4.71%. The 15-year FRM averaged 3.81% with an average 0.7 point the past week, up from 3.77% the prior week but still down from 4.27% a year ago. The 5-year Treasury-indexed, hybrid adjustable-rate mortgage averaged 3.49% with an average 0.6 point, up from a week ago when it averaged 3.45%. Last year, it was at 4.19%. The 1-year Treasury-indexed ARM averaged 3.25% at 0.6 point, up from 3.23% the week before but a full percentage point lower than 4.25% a year earlier. A separate survey from Bankrate.com showed mortgage rates climbed to a four-month high. The 30-year FRM increased 13 basis points to 4.71%, according to the survey by the personal finance website. The 15-year FRM climbed 10 bps to 4.07%, and the 5/1 ARM increased 8 bps to 3.74%, and the 30-year fixed jumbo mortgage rate increased 11 bps to 5.29%. Write to Jon Prior.