Mortgage Rates Continue to Hover at Record Lows
Daily Real Estate News | Friday, December 02, 2011
Averages on fixed-mortgage rates continued to hover near historic lows for the week, while adjustable-rate mortgages inched down slightly to reach new record lows, Freddie Mac reports in its weekly mortgage market survey.
'Mortgage rates were little changed this past week, with the average 30-year fixed-rate mortgage at or below 4 percent for the fifth consecutive week,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement. “The extraordinarily low mortgage rates of the past month may provide a needed spur to housing activity.”
This week, the National Association of REALTORS® reported a 10.4 percent jump in pending home sales in October, the strongest pace since November 2010.
“More optimistic consumers, lower house prices, and bargain mortgage rates may have contributed to the 10.4 percent jump in pending home sales ... and may bode well for future home sales,” Nothaft says.
Here’s a closer look at rates for the week ending Dec. 1:
30-year fixed-rate mortgages: averaged 4 percent, with an average 0.7 point, ticking slightly up from last week’s 3.98 percent average. A year ago at this time, 30-year rates averaged 4.46 percent.
15-year fixed-rate mortgages: averaged 3.30 percent, with an average 0.8 point, holding at last week’s average. Last year at this time, 15-year rates averaged 3.81 percent.
5-year adjustable-rate mortgages: averaged 2.90 percent, with an average 0.6 point, dropping slightly from last week’s 2.91 percent average. Last year at this time, the 5-year ARM averaged 3.49 percent.
1-year ARMs: averaged 2.78 percent this week, with an average 0.6 point, dropping from last week’s 2.79 percent average. A year ago at this time, the 1-year ARM averaged 3.25 percent.
Source: Freddie Mac
Doug Spiers / Associate Broker
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