November 23, 2011 (Shirley Allen)
Thirty-year fixed rate mortgages dipped back under four percent again this week while interest rates for adjustable rate mortgages averaged new record lows according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending November 23rd.
Fixed Rate Mortgages:
Fixed rate mortgage interest rates eased a bit this week with the 30-year fixed rate mortgage averaging 3.98 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 4.40 percent.
It was the fourth consecutive week that 30-year fixed mortgage rates have been four percent or lower.
The 15-year fixed rate mortgage averaged 3.30 percent this week with an average 0.7 points, down from 3.31 percent the previous week, and down from 3.77 percent a year ago.
Adjustable Rate Mortgages:
Adjustable rate mortgage (ARM) interest rates averaged new record lows this week with the 5-year Treasury-indexed hybrid ARM averaging 2.91 percent, down from 2.97 percent last week, with an average of 0.6 points. The 5-year adjustable rate mortgage averaged 3.45 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage decreased this week, averaging 2.79 percent with an average of 0.6 points, down from 2.98 percent the previous week. A year ago, the 1 year adjustable rate mortgage averaged 3.23 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Mortgage rates eased slightly this week with fixed-rate loans hovering above all-time lows and ARMs reaching a new nadir. The high-degree of home-buyer affordability in recent months translated into a 1.4 percent pickup in existing home sales during October, according to the National Association of Realtors (NAR). The NAR also reported that contract cancellations were up in October as well, which restrained sales from achieving a stronger rebound.”
“The Bureau of Economic Analysis revised third quarter GDP growth downward from an initial estimate of 2.5 percent to 2.0 percent. In addition, the Federal Reserve announced weaker business activity for November in its Philadelphia and Chicago districts,” he added.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.8||0.7||0.7||0.7|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.9||0.6||0.8||0.8|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.7||0.5||0.7||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.8||0.6||0.5||0.6||0.5|
|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|
|Fees & Points||0.8||0.7||0.6||0.6||0.7||0.7||0.6||0.6|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury