Mortgage rates inch up


The average rate on the 30-year fixed-rate mortgage (FRM) rose to 3.39 percent, with an average 0.7 point for the week ending Oct. 11, up from the record low of 3.36 percent last week and down from 4.12 percent a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.

“Mortgage rates were little changed this holiday week following the employment report for September. Payroll employment increased by 114,000 workers, although manufacturing jobs dipped for the second month in a row. Employment in the prior two months was revised up 86,000 and the unemployment rate fell to 7.8 percent, marking the lowest rate since January 2009,” said Frank Nothaft, vice president and chief economist at Freddie Mac.

The average rate on the 15-year FRM was 2.70 percent, with an average 0.6 point, up from 2.69 percent last week. A year ago, the 15-year FRM averaged 3.37 percent.

The average interest rate on 5-year Treasury-indexed, hybrid adjustable rate mortgages (ARMs) was 2.73 percent this week, with an average 0.6 point. Last week, it averaged 2.72 percent. The 5-year ARM averaged 3.06 percent a year ago.

Finally, for the week ending Oct. 11, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.59 percent, with an average 0.4 point, up from 2.57 percent last week, and down from 2.90 percent a year ago.

About the author

DeadlineNews.Com's Interest Rate Writer Corbin Perkins is an intern from Leigh High School. Contact him at CorbinPerkins@DeadlineNews.Com.

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