Fixed Mortgage Rates Go Below 4 Percent

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In the week ended November 20th, the average rate on a 30-year fixed-rate mortgage crossed the 4 percent line once again moving in a downward direction. This was the result presented by Freddie Mac in the company’s Primary Mortgage Market Survey.

The average rate on a 30-year fixed-rate home loan reached 3.99% during the week. It decline from 4.01% in the week before. One year ago, the average rate on this type of loan was higher. It stood at 4.22%.

The average rate on a 15-year fixed-rate mortgage loan also experienced a decline in the week ending November 20th. It reached 3.17% down from 3.20% during the previous week. The average rate on this type of mortgage is lower compared to the same week a year ago. Back then, it was 3.27%.

The 5-year hybrid adjustable-rate mortgage reached a lower average rate during the week. It went down to 3.01% from 3.02% during the week before. The average rate on this type of ARM is higher now than it was in the same week a year ago. In 2013, it was 3.95%.

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The average rate on a 1-year adjustable-rate mortgage experienced an increase in the week ended November 20th. It reached 2.44%. During the previous week, it was 2.43%. Despite the increase, it remained at a lower level than it was in the same week a year ago. At the same time of 2013, the average rate on this type of home loan was 2.61%

Freddie Mac’s vice president and chief economist, Frank Nothaft, said that the fixed mortgage rates were driven down by 2.8% decline of new housing starts in October compared to the September rate which had been revised in an upward direction. At the same time, building permits rose by 4.8% in October following a September increase of 2.8%. Industrial production went down by 0.1% in October reaching a level below the market consensus forecast.

Mailynne

Mailynne

Mailynne serves as a content strategist and writer for mortgage.info. She is ahighly task-oriented strategic planner and experienced writer. Over the past 10 years, Mailynne has managedcontent for both large corporations, non-profits and businesses. She specializes in managing digital marketing,branding and web development content. Mailynne has worked with a variety of local, national and international organizations.

Contact: mailynne@mortgage.info
Mailynne

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