Freddie Mac (OTC: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little and remaining at or near 4.00 percent for the past three weeks amid positive economic and consumer confidence data. The 15-year fixed-rate mortgage, a popular refinancing choice, averaged 3.31 percent for the week.
- 30-year fixed-rate mortgage (FRM) averaged 4.00 percent with an average 0.7 point for the week ending November 17, 2011, up from last week when it averaged 3.99 percent. Last year at this time, the 30-year FRM averaged 4.39 percent.
- 15-year FRM this week averaged 3.31 percent with an average 0.7 point, up from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 3.76 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week, with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.40 percent.
- 1-year Treasury-indexed ARM averaged 2.98 percent this week with an average 0.6 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.26 percent.
According to Frank Nothaft, vice president and chief economist, Freddie Mac - "Mortgage rates were little changed this week just as the economy is showing potential for further gains in the near term. Retail sales rose for the fifth straight month in October and beat the market consensus forecast. Meanwhile, consumer confidence rose for the third consecutive month in early November to the highest reading since June, according to the University of Michigan's sentiment index. Lastly, homebuilder confidence exhibited a back-to-back monthly increase in November to the strongest level since May 2010, based on the NAHB/Wells Fargo Housing Market Index."