Mortgage Rates Little Changed From Last Week, 30-Year Under 4%

November 10, 2011 (Shirley Allen)

The 30-year fixed rate mortgages dropped to under four percent for the second time this year but overall rates were little changed from last week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending November 10th.

Fixed Rate Mortgages:

Fixed rate mortgage interest rates fell slightly in the last week with the 30-year fixed rate mortgage averaging 3.99 percent with an average of 0.7 points, down from last week’s average of 4.00 percent. A year ago the 30-year fixed rate mortgage averaged 4.17 percent.

The 15-year fixed rate mortgage averaged 3.30 percent this week with an average 0.8 points, down from 3.31 percent the previous week, and down from 3.57 percent a year ago.

Adjustable Rate Mortgages:

Adjustable rate mortgage interest rates increased slightly in the last week with the 5-year Treasury-indexed hybrid ARM averaging 2.98 percent, up from 2.96 percent last week, with an average of 0.6 points. The 5-year adjustable rate mortgage averaged 3.25 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage also increased this week, averaging 2.98 percent with an average of 0.6 points, up from 2.88 percent the previous week. A year ago, the 1 year adjustable rate mortgage averaged 3.26 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates were little changed this week amid a mix of economic data reports. The economy added 80,000 net jobs in October, below the market consensus forecast, but employment gains over the prior two months were revised up by 102,000 and the unemployment rate fell to 9.0 percent, the lowest in six months. Factory orders improved in September, yet the expansion in the service industry slowed in October.”

“Soft house prices and low mortgage rates have kept home-buyer affordability historically high, according to the National Association of Realtors® (NAR). In the third quarter, 74 percent of the NAR’s metropolitan areas exhibited annual house price declines, compared to 72 percent in the second quarter. In addition, 30-year fixed mortgage rates averaged 4.3 percent in the third quarter as opposed to 4.7 percent in the second. These factors helped raise September’s NAR Housing Affordability Index to the third highest reading on record which dates back to 1971,” he added.

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.99 3.99 4.06 4.01 4.03 3.93
Fees & Points 0.7 0.7 0.8 0.6 0.7 0.8

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.30 3.32 3.32 3.28 3.36 3.24
Fees & Points 0.8 0.8 0.9 0.7 0.8 0.8

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.98 3.07 2.91 3.13 2.96 2.83
Fees & Points 0.6 0.6 0.6 0.4 0.6 0.6
Margin 2.74 2.74 2.75 2.73 2.76 2.73

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.95 3.16 2.83 3.27 2.70 2.71
Fees & Points 0.6 0.7 0.6 0.4 0.6 0.5
Margin 2.76 2.79 2.75 2.73 2.77 2.75

The National Mortgage Rate Snapshot One Year Ago One Week Ago
  30-YR 15-YR 5/1-YR 1-YR ARM 30-YR 15-YR 5/1-YR 1-YR ARM
Average 4.17   3.57   3.25   3.26   4.00   3.31   2.96   2.88  
Fees & Points 0.8   0.8   0.7   0.7   0.7   0.7   0.6   0.6  
Margin N/A N/A 2.75   2.77   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

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