Fixed mortgage rates changing little amid mixed consumer confidence and housing data, remaining near their 60-year lows.
Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.8 point for the week ending October 27, 2011, down from last week when it averaged 4.11 percent. Last year at this time, the 30-year FRM averaged 4.23 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “Fixed mortgage rates followed other long-term interest rates and showed little change, on average, from the prior week. The latest monthly housing market indicators were mixed, with consumer confidence soft, house prices largely flat, and new home sales up from very low levels. Consumer confidence fell below the market consensus forecast in October to the lowest reading since March 2009, according to The Conference Board. The FHFA Purchase-Only House Price Index for the U.S. declined 0.1 percent in August on a seasonally adjusted basis, while the S&P/Case-Shiller® 20-city Composite home price index rose 0.2 percent between July and August, with one-half of the cities registering a dip in values. Finally, new home sales increased 5.7 percent in September to the strongest pace since April.”
Primary Mortgage Market Survey [Freddie Mac]