Mortgage rates inch higher, Freddie, Bankrate find

By Palm Beach Business.com

DELRAY BEACH — What do you know? Mortgage rates actually moved higher over the last week, but not by much.

And they still remain near historic lows.

Freddie Mac’s Primary Mortgage Market Survey spotted the 30-year fixed-rate mortgage averaging 4.92 percent with 0.7 point, up from 4.87 percent a week ago.

Bankrate’s national mortgage survey put the 30-year at 5.32 percent, up from last week’s 5.22 percent.

"Mortgage rates rose slightly over the week, but rates on 30-year fixed mortgages remained below 5 percent for the third consecutive week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Homeowners are taking advantage of these low rates to refinance their current balances. Over the past five weeks ending October 9, more than three out of five mortgage applications were for refinancing, according the Mortgage Bankers Association.”

Freddie put the 15-year fixed rate at 4.37 percent up from last week’s 4.33 percent. Five-year adjustable-rate mortgages averaged 4.38 percent this week, up from 4.35 percent a week ago.
The one-year ARM averaged 4.60 percent this week, up from last week’s 4.53 percent. At this time last year, the 1-year ARM averaged 5.16 percent.

Bankrate said the 15-year averaged 4.70 percent, and the one-year arm 4.76 percent.