The Truth About Mortgage.com

According to Freddie Mac’s Primary Mortgage Market Survey, mortgage rates were largely unchanged this week as mixed economic data kept rates from moving strongly in either direction.

“Reports of weaker consumer spending in September and a decline in manufacturing activity in October kept mortgage rates at bay this week,” said Frank Nothaft, Freddie Mac vice president and chief economist.

“Rates for long-term mortgages were little changed while rates for ARMs fell following the Federal Reserve’s interest-rate cut.

Freddie Mac’s weekly interest rate survey for the week ended November 15 indicated that the national average interest rate on a standard 30-year fixed mortgage was 6.24%, unchanged from last week.

The benchmark mortgage is at its lowest point since May 17th when it averaged 6.21%, and still below the 6.33% it averaged a year ago.

“Higher productivity growth in the third quarter coupled with a larger-than-expected decline in consumer confidence in November sent mixed signals to the current state of the economy,” said Nothaft.

“As a result, there were no definite upward or downward pressures on mortgage rates this week.”

The 15-year fixed-rate mortgage averaged 5.88%, down from 5.90% a week ago, while the five-year adjustable-rate mortgage rose to 5.96% from 5.89%.

“On a positive note, the National Association of Realtors reported this week an unexpected 0.2 percent gain in September’s pending home sales index, which suggests less of a decline in existing home sales for October and November. That said, however, it should be noted the index is still 24 percent below that in December 2006.”