The past week's mortgage rates, monitored by Freddie Mac’s Primary Mortgage Market Survey (PMMS), for 30 year fixed-rate mortgages average 5.00 percent for the week ending October 22nd. This is an increase from last week's 4.87 percent. 30 year fixed rate mortgages averaged 6.04 percent the same time last year.
The 15-year fixed-rate mortgage this week averaged 4.43 percent with an average 0.6 point, up from last week when it averaged 4.37 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 5.72 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.40 percent this week, with an average 0.6 point, up from last week when it averaged 4.38 percent. A year ago, the 5-year adjustable-rate mortgage averaged 6.06 percent.
The one-year Treasury-indexed adjustable-rate mortgage averaged 4.54 percent this week with an average 0.6 point, down from last week when it averaged 4.60 percent. At this time last year, the 1-year adjustable-rate mortgage averaged 5.23 percent.
"Following bond yields, long-term mortgages rates edged up slightly this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Although rates for 5/1 adjustable-rate mortgages and traditional 1-year adjustable-rate mortgages are around half a percentage point below 30-year fixed mortgages, consumers appear to be seeking the stability of fixed-rate mortgages. According to the Mortgage Bankers Association, adjustable-rate mortgages averaged only about 6 percent of the number of mortgage applications in September and October thus far.
"The housing market is still trying to recover in the second half of the year. The Federal Reserve reported in its October 21st regional economic review that housing market conditions improved in recent weeks, primarily from a pickup in sales of low-to medium-priced houses. However, residential construction activity was reported to remain weak in most areas. New construction of single family homes rebounded in September, rising at a 3.9 percent annual rate, but did not erase all of the declines set in August, based on figures released by the Department of Commerce. Moreover, homebuilder confidence, as measured by the National Association of Homebuilder's Housing Market Index, fell slightly in October and marked the first decline since January of this year."
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