Further Drop for Mortgage Rates

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The average rate on a 30-year fixed-rate mortgage declined to 3.89% in the week ending December 4th 2014. This is the lowest level which it has reached since the end of May 2013. The statistical data was released in the Primary Mortgage Market Survey of Freddie Mac.
The average rate on a 30-year fixed-rate home loan dropped down to 3.89% from 3.97% in the previous week. During the same week one year ago, it was over half of a percentage point higher. Back then, it stood at 4.46%.

The 15-year fixed-rate mortgage loan also experienced a rate decline in the week ending December 4th. The average rate on it decreased to 3.10% from a level of 3.17% during the week before. In the same week of 2013, it was 3.47%.

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The average rate on a 5-year hybrid adjustable-rate loan dropped down during the week as well. It reached 2.94% falling from its previous week’s level of 3.01%. The average rate on this type of hybrid home loan was in the same range one year ago. Back then, it stood at 2.99%.
The 1-year hybrid adjustable-rate mortgage also experienced a decrease in its average rate, even though it was smaller compared to the decline which the other types of mortgages covered by Freddie Mac’s survey went through. The average rate on this type of loan declined to 2.41% from 2.44% during the week before. It remains below its level of the same week of last year. Back then, it was 2.59%.

The chief economist and vice president of Freddie Mac, Frank Nothaft, said that mortgage rates declined during a week of not very positive economic news. New home sales reached an annual rate of 458,000 units in October and this level was below expectations. Pending home sales declined by 1.1% during the same moths. The payroll growth of 208,000 new jobs was also lower compared to the expectations for 225,000 new jobs.

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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