Freddie Survey Finds Rates Slightly Up From Previous Week

The average conforming mortgage rates during the week ending Oct. 29 were only very slightly higher than the week previous, according to the most recent Freddie Mac Primary Mortgage Market Survey. The average rate for a 30-year fixed-rate mortgage inched up to 5.03% from 5.00% the previous week but remained significantly lower than a year ago when it was 6.46%. The average 15-year FRM rate also inched up week-to-week to 4.46% from 4.43% but was still far lower than it was around the same time 12 months ago when it was 6.19%. Average rates for adjustable-rate mortgages also were slightly higher week-to-week but looked much better than a year ago. The five-year hybrid Treasury ARM rate was 4.42%, compared to 4.40% a week ago and 6.36% a year ago. The one-year Treasury ARM rate was 4.57%, compared to 4.54% the previous week and 5.38% 12 months ago. Average points were 0.7 for 30-year FRMs and 0.6 for all the other products mentioned. Because rates have averaged just below 5% this year, the lowest 10-month average since the survey started in 1971, refinances have dominated the market, according to Freddie vice president and chief economist Frank Nothaft. In the past week, there have been mixed signals as to the current state of the housing market that drives purchases, he said.