Mortgage rates move slightly up

Source: Housingwire

Mortgage rates, which remained unchanged for the most part in October showed a slight increase this week according to Freddie Mac’s primary mortgage market survey. The 30-year FRM averaged 3.34%, bumped slightly from last week’s average 3.32%. Additionally, the 15-year FRM showed only a slight increase this week, averaging 2.67% compared to 2.64% reported last week. The 5-year, Treasury-indexed hybrid ARM fell from last week’s 2.72% to 2.69%. The 1-year, Treasury-indexed ARM also fell from the previous week to 2.55%, down from 2.56% last week. “Mortgage rates were little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “The housing market is aiding in this recovery. For instance, fixed residential investment added positive growth over the past six consecutive quarters and in the third quarter alone contributed 0.3 percentage points to real GDP growth.”

URL to original article: http://www.housingwire.com/content/mortgage-rates-reveal-minimal-change

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