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30-Year Mortgage Rates Drop Under 4% Again

For the second time this year, the 30-year fixed-rate mortgage dropped below 4 percent and continues to hover around record lows, Freddie Mac reported in its weekly mortgage market survey.

Yet overall, "fixed mortgage rates were little changed this week amid a mix of economic data reports,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.

Here’s a closer look at mortgage rates for the week ending Nov. 10:

  • 30-year fixed-rate mortgages: averaged 3.99 percent with an average 07 point, down from last week’s 4 percent average. The last time the 30-year fixed-rate mortgage dropped below 4 percent was Oct. 6 when it averaged 3.94 percent. Last year at this time, 30-year rates averaged 4.17 percent.
  • 15-year fixed-rate mortgages: averaged 3.30 percent with an average 0.8 point, dropping slightly from last week’s 3.31 percent average. Last year at this time, 15-year rates averaged 3.57 percent.
  • 5-year adjustable-rate mortgages: averaged 2.98 percent, with an average 0.6 point, rising from last week’s 2.96 percent average. A year ago at this time, the 5-year ARM averaged 3.25 percent.
  • 1-year ARMs: averaged 2.95 percent with an average 0.6 point, up from last week’s 2.88 percent average. A year ago at this time, the 1-year ARM averaged 3.26 percent.

Source: Freddie Mac

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Posted: Friday, November 11, 2011 3:55 PM by Jon Becker


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