Freddie Mac reported yesterday that the 30-year fixed-rate mortgage (FRM) fell to a five-week low this week, 4.91 percent, down from 4.98 percent last week. Last year at this time, it was 6.14 percent.
The 15-year FRM this week averaged 4.36 percent versus the prior weeks’ 4.40 percent and last year’s 5.81 percent.
| Fixed-Rate Mortgages | ||||
| 30-Year | Fees& Points | 15-Year | Fees& Points | |
| US | 4.91 | 0.7 | 4.36 | 0.6 |
| Northeast | 4.92 | 0.7 | 4.37 | 0.6 |
| Southeast | 4.92 | 0.6 | 4.35 | 0.6 |
| N. Central | 4.96 | 0.6 | 4.38 | 0.6 |
| Southwest | 4.90 | 0.5 | 4.37 | 0.5 |
| West | 4.88 | 0.8 | 4.35 | 0.7 |
Meantime, the Mortgage Bankers Association says refinancings pushed up loan applications for the week ending Nov. 6 by 3.2 percent on a seasonally adjusted basis from one week earlier, but purchase volume fell by 11.7 percent to a nine-year low. On an unadjusted basis, total activity increased 2.8 percent compared with the previous week. Continue reading
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