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Posted at 10:00 AM ET, 10/11/2012

Mortgage rates are slightly higher

A week after hitting historic lows, mortgage rates rebounded slightly, according to the latest data released by Freddie Mac.

The 30-year fixed-rate average increased to 3.39 percent, up from 3.36 percent a week ago but down from 4.12 percent a year ago.

The 15-year fixed-rate average also went up, going to 2.70 percent from 2.69 percent a week ago, but down from 3.37 percent last year.

Hybrid adjustable-rate mortgages edged up, too. The five-year ARM moved to 2.73 percent from 2.72 percent a week ago. A year ago, it was 3.06 percent. The one-year arm increased to 2.59 percent from 2.57 percent a week ago but is down from 2.90 percent a year ago.

“Mortgage rates were little changed this holiday week following the employment report for September,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement.

Payroll employment grew and unemployment fell, but manufacturing jobs were down for a second month.

Meanwhile, mortgage applications were down, according to the Mortgage Bankers Association.

The Market Composite Index, a measure of mortgage loan application volume, declined 1.2 percent from a week ago. The Refinance Index decreased 2 percent from the prior week, while the Purchase Index went up 2 percent from last week.

The refinance share of mortgage activity still dominates the market, accounting for 83 percent of applications.

“Refinance applications declined somewhat last week, although volume is still near three-year highs and purchase applications increased to the highest level since June, with both conventional and government volumes increasing,” said Mike Fratantoni, MBA’s vice president of research and economics. “Rates on 30-year fixed-rate loans remain historically low, benefitting both prospective home buyers and those seeking to refinance.”

By  |  10:00 AM ET, 10/11/2012

 
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