Freddie Mac reported 30 year mortgage rates rose slightly for the second consecutive week. According to the survey, 30 year rates went up from 4.21% to 4.23% (w/ .8 pts). A year ago 30 year rates averaged 5.03%.
15 year rates also inched higher going from 3.64% to 3.66% with (.7 pts). 5 year ARM rates on the other hand headed in the opposite direction going from 3.45% down to 3.41% (.6 pts). The report stated that this is the lowest that 5 year treasury-indexed hybrid ARM rates have been since Freddie started tracking them in January of 2005.
Frank Nothaft, the VP and chief economist with Freddie Mac, noted that “Mixed economic data releases left mortgage rates little changed this week. Consumer confidence increased slightly in October, according to The Conference Board , but still remains at low levels. Based on the S&P/Case-Shiller?? 20-city composite index, house prices fell 0.3 percent between July and August, while the purchase-only index by the Federal Housing Finance Agency showed a 0.4 percent gain over the same period.”
If you would like to discuss current Texas mortgage rates or any of our home loan programs, give us a call at 972-591-3097.