Mortgage Rates Hit Five Week Low
Mortgage rates fell to their lowest point in five weeks as the popular 30-year fixed kept below five percent for five of the past seven weeks, according to mortgage financier Freddie Mac.
The benchmark mortgage averaged 4.91 percent during the week ending November 12, down from 4.98 percent last week and 6.14 percent a year ago, keeping refinancing attractive for most homeowners.
The 15-year fixed slipped four basis points week-to-week to average 4.36 percent, and is well below the 5.81 percent average seen a year earlier.
The five-year adjustable-rate mortgage averaged 4.29 percent, down from 4.35 percent a week ago and 5.98 percent last year.
Finally, the one-year ARM averaged 4.46 percent, a single basis point better than the 4.47 percent average of last week, but nearly a point lower than the 5.33 percent average of one year earlier.
The interest rates above are good for mortgages with a conforming loan amount with at least a 20 percent down payment (80 percent loan-to-value).
The actual rate you receive may differ greatly as a result of various pricing adjustments; the 30-year also requires 0.7 mortgage points to obtain the rate, while the rest require 0.6 mortgage points.
Jumbo mortgages continue to price at least a percentage point higher than conforming loans and are accompanied with more conservative guidelines.
Related Topics:
