The run for below-four-percent 30-year mortgage rates was short-lived. After a history-making drop to 3.94 percent last week, ""Freddie Mac"":http://www.freddiemac.com has recorded an 18 basis point jump in the average interest rate on a conventional fixed-rate mortgage with a 30-year term.[IMAGE]
The GSE says the 30-year fixed-rate mortgage averaged 4.12 percent (0.8 point) for the week ending October 13, coming off last week's record low in which the 30-year rate dipped below the 4 percent mark for the first time ever. The 30-year rate is not too far off of levels since last year at this time, when it was averaging 4.19 percent.[COLUMN_BREAK]
The 15-year rate also leapt higher. Freddie's study puts the average 15-year fixed-rate mortgage at 3.37 percent (0.8 point) this week, up from 3.26 percent last week. A year ago at this time, the 15-year rate was averaging 3.62 percent.
The 5-year adjustable-rate mortgage (ARM) is now averaging 3.06 percent (0.6 point). ThatÃ¢â‚¬â„¢s up from 2.96 percent last week. Roll the clock back 12 months, and the average rate for a 5-year ARM was 3.47 percent.
The 1-year ARM, which is tied to shorter-term Treasuries as opposed to the longer-term 10-year Treasury yields that influence fixed-rate movement, headed lower this week. Freddie reports the average rate for the 1-year ARM came in at 2.90 percent (0.6 point) this week, down from 2.95 percent last week. At this time last year, the 1-year ARM averaged 3.43 percent.
Save for the 1-year ARM, mortgage rates across the board rose sharply this week from the previous weekÃ¢â‚¬â„¢s record-setting lows. Freddie Mac attributes the sudden upward movement to the ""better-than-expected employment report"":http://dsnews.comarticles/us-economy-adds-103k-jobs-in-september-2011-10-07 last Friday, but the GSE stressed that even with the increases, mortgage rates remain near their 60-year lows.
Freddie MacÃ¢â‚¬â„¢s ""weekly rate survey"":http://www.freddiemac.com/pmms/ is based on data collected from about 125 lenders across the country.