Fixed mortgage rates changing little and remaining near their historic lows while adjustable-rate mortgages averaged new record lows.
Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.7 point for the week ending November 23, 2011, down from last week when it averaged 4 percent. Last year at this time, the 30-year FRM averaged 4.40 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “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.”
Primary Mortgage Market Survey [Freddie Mac]