Friday
October 24, 2014

Mortgage Rates Stay Low, Keep Buying Power High

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Mortgage Rates Stay Low, Keep Buying Power High

A year ago at this time, 30-year fixed-rate mortgages dropped below 4 percent for the first time since Freddie Mac started reporting national average mortgage rates in 1971. Thirty-year rates have fairly much stayed below 4 percent since then too, continuing to hover near all-time record lows and pushing home buyers’ purchasing power higher and helping refinancers to unlock savings. 

Freddie Mac reports the following national averages in mortgage rates for the week ending Nov. 8.

  • 30-year fixed-rate mortgages: averaged 3.40 percent, with an average 0.7 point, rising slightly from last week’s 3.39 percent average. A year ago at this time, 30-year rates averaged 3.99 percent. The record low for the 30-year mortgage, set in recent weeks, was an average of 3.36 percent. 
  • 15-year fixed-rate mortgages: averaged 2.69 percent, with an average 0.7 point, dropping from last week’s 2.70 percent average. The 15-year rates record low average is 2.66 percent, which was set in mid-October. Last year at this time, 15-year rates averaged 3.30 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.73 percent, with an average 0.6 point, dropping from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 2.98 percent.
  • 1-year ARMs: averaged 2.59 percent, with an average 0.4 point, rising from last week’s 2.58 percent average. A year ago, 1-year ARMs averaged 2.95 percent. 

Source: Freddie Mac

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