Nov. 10--Interest rates on residential loans moved lower this past week in line with long-term bond yields. But indices on adjustable-rate mortgages moved higher.
Thirty-year fixed rates averaged 3.90 percent in Freddie Mac'sPrimary Mortgage Market Survey for the week that finished on Nov. 9.
Long-term rates retreated 4 basis points compared the the prior report. But the 30 year remains 33 BPS higher than as of a year prior.
Freddie Mac Chief Economist Sean Becketti noted in the report, "The 10-year Treasury yield fell roughly 7 basis points, while the 30-year mortgage rate dropped 4 basis points."
Fifty-eight percent of panelists surveyed by Bankrate.com for the week Nov. 8 to Nov. 15 predicted that rates will stay within a 2-basis-point range over the next week. The remaining 42 percent were evenly split over whether rates would rise or fall.
In the U.S. Mortgage Market Index report from Mortgage Daily and OpenClose for the week ended Nov. 3, jumbo rates were 19 BPS higher than conforming rates, more than the 15 BPS in the prior week.
At 3.24 percent in Freddie's survey, 15-year fixed rates were 3 BPS less than in the week ended Nov. 2. Fifteen-year rates were 66 BPS less than 30-year rates, widening from 67 BPS the prior week.
Freddie had five-year, Treasury-indexed, hybrid adjustable-rate mortgages averaging 3.22 percent, off just a basis point from last week's report.
Data from the Department of the Treasury indicate that the yield on the one-year Treasury note, which is used as an index for hybrid ARMs, was 1.53 percent Thursday, up 7 BPS from seven days earlier.
The six-month London Interbank Offered Rate, which is occasionally used as an ARM index, was 1.60 percent as of Wednesday, Bankrate.com reported. LIBOR increased from 1.58 percent the previous Wednesday.
ARM share was 10.0 percent in the latest Mortgage Market Index report, thinning from 15.0 percent one week earlier.
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