Mortgage Rates Climbing for a Second Consecutive Week

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After reaching 18-month low in October, mortgage rates are slowly climbing back up again. This was revealed in the weekly Primary Mortgage Market Survey of Freddie Mac for the week ended November 6th.

The average rate on a 30-year fixed-rate mortgage went up to 4.02%. It climbed from 3.98% in the previous week. Even though it climbed over 4%, it still remained below its level from one year ago. During the same week of 2013, the average rate on this type of home loan was 4.16%.
The average rate on a 15-year fixed-rate mortgage loan also went up. It rose to 3.21% from 3.13% during the week before. One year ago, it was 3.27%.

The 5-year hybrid adjustable-rate loan also experienced an increase in its average rate. It was smaller compared to the increase in the average rates of fixed-rate loans. The average rate on this type of home loan increased to 2.97% from 2.94% during the week before. In the same week of 2013, it was just slightly lower standing at a level of 2.96%.

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The average rate for a 1-year hybrid adjustable-rate home loan reached 2.45% during the week ending November 26th. It went up from 2.43% during the previous week. A year ago, the average rate on this type of home loan was considerably higher. It stood at 2.61%.

The chief economist and vice president of Freddie Mac, Frank Nothaft, said that the continuous rise in mortgage rates led them to crossing the 4% mark. He pointed out that the increase in rates coincided with GDP growth of 3.5% for the third quarter. This growth surpassed the projections for 3.0% increase in GDP. The Manufacturing Index of the Institute of Supply Management also rose to a higher than the predicted level in October. It reached 59 climbing from 56.6 in September.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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