Again, Mortgage Rate Are Low For The Week Ending Nov. 17, 2011

For the third week, 30-year fixed-rate mortgages, the most popular choice among home buyers, averaged at or below 4 percent, Freddie Mac reports.

Here’s a the scoop on mortgage rates for the week ending Nov. 17.

·     30-year fixed-rate mortgages: averaged 4 percent with an average 0.7 point, rising slightly from last week’s 3.99 percent average. A year ago at this time, 30-year rates averaged 4.39 percent. 

·     15-year fixed-rate mortgages: averaged 3.31 percent with an average 0.7 point, increasing from last week’s 3.30 percent. Last year at this time, 15-year rates averaged 3.76 percent. 

·     5-year adjustable-rate mortgages: averaged 2.97 percent with an average 0.6 point, decreasing slightly from last week’s 2.98 percent average. Last year at this time, 5-year ARMs averaged 3.40 percent.

·     1-year ARMs: averaged 2.98 percent with an average 0.6 point, up from last week’s 2.95 percent average. A year ago, 1-year ARMs averaged 3.26 percent. 

Source: Daily Real Estate News | Friday, November 18, 2011