The good news is mortgage rates continue to fall, the bad news; the economy is in the gutter. Unfortunately, it’s just kind of the way that goes.
Interest rates on home loans fell for the third successive week as signs of a slowing economy continued to fester, according to the latest survey from mortgage financier Freddie Mac.
The traditional and now wildly-popular 30-year fixed-rate mortgage averaged 6.04 percent for the week ending November 20, down from 6.14 percent a week ago and 6.20 percent this time last year.
The 15-year fixed dipped to 5.73 percent from 5.81 percent, and now sits below its year-ago rate of 5.83 percent.
Adjustable-rate mortgages fell as well, with the average five-year ARM down 11 basis points to 5.87 percent, slightly edging out its year-ago average of 5.88 percent.
The one-year ARM averaged 5.29 percent, down from 5.33 percent last week and 5.42 percent a year ago.
Freddie’s weekly survey conducted since the 70s uses data from conforming mortgages with a loan-to-value of 80 percent.
Last Chance for Conforming Jumbo Loans
The low interest-rate environment may entice borrowers with conforming-jumbo size loans to refinance or get that purchase done before the maximum limit falls from $729,750 to $625,500 on January 1, 2009.
Especially with jumbo loans pricing well above their conforming brethren, in some cases more than three-percent higher.
The last day to fund a conforming jumbo loan varies by lender, based on their contracts with Fannie and Freddie.
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