Mortgage Rates Remain Near Record Lows
After reaching new record lows last week, fixed mortgage rates remained virtually unchanged this week, Freddie Mac reported Nov. 29 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate rose 0.01 percentage points to 3.32 percent (down from 4.00 percent a year ago). The 15-year fixed-rate also increased by 0.01 percent points to 2.64 percent (down from 3.30 percent a year ago).
The one-year adjustable-rate mortgage remained steady at 2.56 percent (down from 2.78 percent a year ago). The five-year Treasury-indexed adjustable-rate decreased 0.02 percentage points, to 2.72 percent (down from 2.90 percent a year ago).
“Mortgage rates were virtually unchanged this week amid growing concerns around the fiscal cliff,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “Although low mortgage rates failed to boost new home sales in October, year-to-date sales are up 20 percent compared with 2011 volumes, and there are growing signs of a turnaround in house prices.” Nothaft added that the S&P/Case-Shiller national home price index rose 5.2 percent over the first three quarters of this year, and that all 20 city indices had positive growth over the first 9 months.
View Freddie Mac’s weekly Primary Mortgage Market Survey.