The 30-year fixed-rate mortgage (FRM) averaged 4.81 percent this week, up from last week’s 4.71 percent but down from 5.47 percent last year at this time, according to Freddie Mac.
The 15-year FRM was 4.32 percent in comparison with 4.27 percent last week and 5.20 percent a year ago.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.26 percent. It was higher than the prior week’s 4.19 percent but lower than the previous year’s 5.82 percent.
The one-year Treasury-indexed ARM dipped to 4.24 percent from 4.25 percent last week. At this time last year, it was 5.09 percent. Commented Frank Nothaft, Freddie Mac vice president and chief economist:
“Following an upbeat employment report, long-term bond yields rose slightly and fixed mortgage rates followed. The economy shed only 11,000 jobs in November, far fewer than the market consensus forecast, and the unemployment rate unexpectedly fell to 10 percent. In addition, revisions added 159,000 jobs to September and October.”
“Notwithstanding, rates on 30-year fixed mortgages are almost 0.7 percentage points below those at the same time last year. This translates into an $81 lower monthly payment on a $200,000 conventional mortgage.”
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