Freddie Mac reported further increases — albeit slight — in fixed related mortgage rates for the week ending Nov. 24 as 30-year fixed mortgage rates averaged 4.40% with an average 0.8 point, up one basis point from last week.
While the-no point mortgage rate eased a couple of basis points, it still remains in the 4.60% area and reduces the incentive for many eligible borrowers.
The higher rates, along with ongoing tight credit standards, has reduced refinancing activity recently. In today's report from the Mortgage Bankers Association (MBA), for the week ending Nov. 19, the Refinancing Index slipped 1% and is down 17% over the past two weeks as mortgage rates have jumped 23 basis points from a record low 4.17%.
Freddie Mac also reported 15-year fixed rates rose one basis point to 3.77%, while 5/1 hybrid ARMs increased to 3.45% from 3.40%. Meanwhile, one-year ARM rates declined to a new record low of 3.23% from 3.26% previously.
While refinancing share of total applications has declined recently as a result of higher rates, ARM share has held steady at 5.3% for the past three weeks, the MBA reported.