Average fixed mortgage rates increased slightly before the Thanksgiving holiday, as mixed housing data — disappointing pending home sales and strong home prices — kept rates from making a major move.
Fixed mortgage rates retraced some of their decline from the previous week, with the 30-year fixed moving up to 4.29 percent from 4.22 percent, Freddie Mac reported Wednesday.
The National Association of Realtors said Monday that their pending sales metric dipped for the fifth consecutive month in October, and was slightly below year-ago levels, signaling a possible softening in sales near year’s-end, said Frank Nothaft, vice president and chief economist, Freddie Mac.
However, the S&P/Case-Shiller home price index released Tuesday showed prices in the 20 largest U.S. cities increasing 13.3 percent annually in September, the highest year-over-year increase since February 2006. That’s stronger than the Federal Housing Finance Agency’s U.S.-wide “purchase-Only index”, which appreciated 8.5 percent over the same period.
Here is Freddie Mac’s overview of rates:
- 30-year fixed-rate mortgage (FRM) averaged 4.29 percent, with an average 0.7 point, for the week ending November 27, 2013, up from last week when it averaged 4.22 percent. A year ago at this time, the 30-year FRM averaged 3.32 percent.
- 15-year FRM this week averaged 3.30 percent, with an average 0.7 point, up from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.64 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent this week, with an average 0.5 point, down from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 2.72 percent.
- 1-year Treasury-indexed ARM averaged 2.60 percent this week, with an average 0.4 point, down from last week when it averaged 2.61 percent. At this time last year, the 1-year ARM averaged 2.56 percent.