Mortgage rates show a slight uptick

November 7, 2013

Win McNamee/Getty Images

Fixed mortgage rates increased for the first time in three weeks, according to the latest data released Thursday by Freddie Mac.

The 30-year fixed-rate average showed a slight uptick, rising to 4.16 percent with an average 0.8 point. It was up from 4.1 percent a week ago and 3.40 percent a year ago. The 30-year fixed rate has not been below 4 percent since late June.

The 15-year fixed-rate average rose to 3.27 percent with an average 0.7 point. It was 3.2 percent a week ago and 2.69 percent a year ago. The 15-year fixed rate has not been below 3 percent since late May.

Hybrid adjustable rate mortgages were mixed. The five-year ARM average held steady at 2.96 percent with an average 0.5 point, unchanged from a week ago. It was 2.73 percent a year ago.

The one-year ARM average fell to 2.61 percent with an average 0.5 point. It was 2.64 percent a week ago.

“Fixed mortgage rates rebounded slightly this week on more positive economic data releases,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “Production in the manufacturing industry expanded for the fifth month in a row in October to the strongest pace since April 2011. Similarly, the non-manufacturing sector grew for the second consecutive month in October and beat the market consensus forecast of a decline. These increases were widespread across the nation, from Chicago to Milwaukee to New York.”

Meanwhile, even though mortgage rates had been declining, mortgage applications tumbled last week, according to the latest data from the Mortgage Bankers Association.

The Market Composite Index, a measure of total loan application volume, sank 7 percent. The Refinance index fell 8 percent, while the Purchase Index dropped 5 percent.

The refinance share of mortgage activity dipped to 66 percent. Two months ago, the refinance share had sunk to 57 percent, its lowest level since April 2010. Refinances had accounted for more than 80 percent of applications earlier this year.

Kathy Orton is a reporter and Web editor for the Real Estate section. She covers the Washington metropolitan area housing market.
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