30-year fixed rate mortgage averages 2.78% for the week ending Nov. 5, the 12th record low this year, vs. 2.81% in the prior week and 3.69% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.
Freddie Chief Economists Sam Khater says the new record low is due to "economic and political ambiguity", adding "despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot."
15-year FRM averages 2.32%, unchanged from the prior week and down from 3.13% a year ago.
5-year Treasury-indexed hybrid adjustable rate mortgage averages 2.89% vs. 2.88% in the prior week and 3.39% a year ago.
With the presidential election uncertainty hanging over the economy, some homebuilder stocks are subdued in this morning's session. iShares U.S. Home Construction ETF (BATS:ITB) rises 1.00%. Looking at prominent names in the sector: D.R. Horton (DHI +0.4%), PulteGroup (PHM +1.5%), KB Home (KBH +2.3%), Toll Brothers (TOL +0.6%), Lennar (LEN +1.5%).
Mortgage REITs, meanwhile, are making stronger gains, though the iShares Mortgage Real Estate Capped ETF (REM +2.4%) is still down 0.3% over the past month. Looking at names in that sector: Annaly Capital (NLY +1.9%), AGNC Investment (AGNC +1.0%), Chimera Investment (CIM +0.8%), Two Harbors (TWO +3.6%), Armour Residential (ARR +2.7%).
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