15-year fixed-rate, 5-year ARM loans also on way up

By Inman News, Thursday, November 18, 2010.

Rates on 30-year fixed-rate mortgages bounced back this week to their highest level since early August, Freddie Mac said today in releasing the results of its weekly Primary Mortgage Market Survey.

The average rate for 30-year fixed-rate mortgages for the week ending Nov. 18 was 4.39 percent with an average 0.9 point, up from 4.17 percent last week but down from 4.83 percent a year ago.

Rates on 15-year fixed-rate mortgages averaged 3.76 percent with an average 0.7 point, up from 3.57 percent last week but well below the 4.32 percent registered a year ago.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.4 percent with an average 0.7 point, up from 3.25 percent last week but down from 4.25 percent a year ago.

The 1-year Treasury-indexed ARM averaged 3.26 percent with an average 0.6 point, unchanged from last week and down from 4.35 percent a year ago.

A separate survey by the Mortgage Bankers Association showed applications for purchase loans fell last week, as uncertainty surrounding the Federal Reserve’s plan to buy $600 billion in bonds sent mortgage rates up.