Mortgage Rates Go Further Down

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The average mortgage rates are hitting new low levels for 2014. This is revealed by the data in the Primary Mortgage Market Survey which is produced by Freddie Mac. The average interest rate on a 30-year fixed-rate mortgage reached 3.92% in the week ended October 23rd. It went down from 3.97% during the previous week to reach its lowest level since the week of June 6th 2013. During the same week one year ago, the average rate on a 30-year fixed mortgage was 4.13%.

The average interest rate on a 15-year fixed-rate mortgage loan went down as well. It dropped down to 3.08% during the week ended October 23rd from 3.18% during the week before. During the same week of 2013, it was 3.24%.

The average rate on a 5-year adjustable-rate mortgage was 2.91%. It experienced a slight decrease from the previous week when it was 2.92%. In the same week one year ago, it was 3.00%.

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The 1-year hybrid adjustable-rate mortgage had an average interest rate of 2.41% during the week ended October 23rd. It rose from 2.38% during the previous week. At the same time one year ago, it was 2.60%.
The chief economist of Freddie Mac, Frank Nothaft, commented that the fixed mortgage rates continued to decline during the week after the yield on 10-year Treasury Notes reached its lowest point so far this year. Existing home sales rose by 2.4% in September compared to August beating the expectations. They reached an annual rate of 5.17 million units.

Housing starts marked an ever higher increase in September. They went up by 6.3% from August and reached a seasonally adjusted annual rate of 1.017 million units. There was an increase of 1.5% in building permits in September from August. This added to a seasonally adjusted annual rate of 1.018 million units.



Christian Calvin mortgage Christian is a contributing writer for He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.


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