Mortgage Rates Decline on Weaker Economic Data
30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point for the week ending November 21, 2013, down from last week when it averaged 4.35 percent. A year ago at this time, the 30-year FRM averaged 3.31 percent.
15-year FRM this week averaged 3.27 percent with an average 0.7 point, down from last week when it averaged 3.35 percent. A year ago at this time, the 15-year FRM averaged 2.63 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.74 percent.
1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.56 percent.
“Fixed mortgage rates fell this week on reports of weaker manufacturing growth and declines in overall inflation rates,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Industrial production slipped by 0.1 percent in October, below the market consensus forecast of a 0.2 percent gain. The consumer price index also unexpectedly fell during the month. On an annual basis, consumer prices are up 1 percent, the smallest increase since October 2009.”
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