Average fixed mortgage rates in the U.S. rose for a
second-straight week, with the 30-year-fixed rate moving above 4%,
following some better-than-expected economic data, according to
mortgage-finance company Freddie Mac (FMCC).
Freddie Mac Chief Economist Frank Nothaft said Thursday that the
higher rates coincided with growth in real U.S. gross domestic
product during the third quarter that topped analysts'
expectations. Meanwhile, the Institute for Supply Management's main
gauge of the manufacturing sector also topped expectations,
increasing to 59 in October, from September's reading of 56.6. A
reading above 50 indicates expanding activity.
For the week ended Thursday, the 30-year fixed-rate mortgage
averaged 4.02%, compared with 3.98% a week earlier and 4.16% a year
earlier. Rates on 15-year fixed-rate mortgages averaged 3.21%,
compared with 3.13% the previous week and 3.27% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, were at 2.97%, compared with 2.94% the previous
week and 2.96% a year earlier. One-year Treasury-indexed ARM rates
on average were 2.45%, from 2.43% the previous week and 2.61% a
year earlier.
Write to Tess Stynes at tess.stynes@wsj.com
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