Mortgage Rates Keep a Steady Low Course

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The average rate on a 30-year fixed-rate mortgage remained below 4% during the week ended November 26th, according to Freddie Mac. The company’s Primary Mortgage Market Survey found that it dropped to 3.97% from 3.99% in the previous week. The average rate on this type of mortgage is lower compared to a year ago. Back then, it was 4.29%.

The average rate on a 15-year fixed-rate mortgage loan did not undergo any changes during the week. It remained 3.17%. During the same week of 2013, it was 3.30%.

The 5-year hybrid adjustable-rate home loan had an average rate of 3.01% in the week ended November 26th. It remained unchanged from the week before. The average rate on this type of home loan is higher compared to its level one year ago. In the same week of last year, it was 2.94%.
The average rate on a 1-year hybrid adjustable-rate mortgage was 2.44%. It did not undergo any changes compared to the week ended November 20th. It was higher during the same week a year ago. Back then, it was 2.60%.

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The vice president and chief economist of Freddie Mac, Frank Nothaft, said that mortgage rates experienced minor changes during the week. Only the average rate on the 30-year fixed-rate mortgage went down. The rates on all other types of home loans covered by the survey did not undergo any changes.

Northaft explained that the small change came in a week when there was positive economic news for the United States. The revision of the GDP showed that it rose by 3.90% during the third quarter rather than by 3.50%. In the meantime, the rate of home sales reached 5.26 million in October. The achieved home sales rate was 5.15 million units higher compared with the forecast made for this month of 2014.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. 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.

Contact: christian@mortgage.info
Christian

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