Fannie and Freddie: Lending Rates Hold Below 5 Percent
Mortgage rates continued to ease during the week ended November 12rnaccording to information released this morning by Freddie Mac.
The average rate for a 30-year fixed-rate mortgage was 4.91 percentrnwith 0.7 point according to the results of the weekly Primary Mortgage MarketrnSurvey. Last week the average was 4.98rnpercent also with 0.7 point. The 30-yearrnFRM has had an average rate below 5 percent for five out of the last sevenrnweeks.
The 15-year FRM averaged 4.36 percent with 0.6 point, down from 4.40rnpercent with 0.6 point during the previous week.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)rndropped 6 basis points to 4.29 percent. rnFees and points were unchanged at 0.6 point.
One-year Treasury-indexed ARMs were down slightly to an average of 4.46rnpercent from last week's average of 4.47 percent. Fees and points increased from 0.5 point torn0.6 point.
Frank Nothaft, Freddie Mac vice president and chief economist said in arnstatement released by the corporation that, “Mortgage rates eased further overrnthe week, helping to promote an affordable home-purchase market and stimulaternrefinance. This comes at a time when house price declines are moderating andrnconsumer demand for prime mortgages at commercial banks has picked up.
“The National Association of Realtors® reported that (the) nationalrnmedian sales price of existing homes fell 11.2 percent in the third quarterrnrelative to the same period last year. Moreover, almost 20 percent of therntop metropolitan areas experienced positive annual growth, compared to onlyrnabout 12 percent in the first quarter of this year.”
Fannie Mae reported earlier in on its yields for the week endedrnNovember 6. There was very little changernfrom the previous week.
The 30 year FRM had an average yield of 4.72 percent, only one basisrnpoint higher than reported during the week ended October 30. The 15-year FRM was unchanged at 4.07 percentrnas were government guaranteed FHA and VA rates which remained at 5.52 percent. The one-year ARM was up slightly from 2.91rnpercent to 2.93 percent.
All Fannie Mae yields are reported net of servicing fees.
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