FHFA announces 2016 conforming loan limits

FHFA announces 2016 conforming loan limits

Much of U.S. left unchanged; limits increase in 39 ‘high-cost’ counties

Game changer? Quicken Loans takes mortgage lending fully digital

Launches Rocket Mortgage

Google launches mortgage comparison tool with Zillow

LendingTree will also bring mortgages to Google

Mortgage rates fall two weeks in a row: Freddie Mac

30-year, FRM sinks to 4.10%

House in the grass
/ Print / Reprints /
| Share More
/ Text Size+

Fixed mortgage rates continue their downward spiral, falling for the second consecutive week in a row amid reports of a softening housing market.

The 30-year, fixed-rate mortgage sank to 4.10%, from 4.13% last week, but is still up from 3.39% last year, Freddie Mac said in its Primary Mortgage Market Survey.  

"Fixed mortgage rates eased further leading up to the Federal Reserve’s October 30th monetary policy announcement," said Frank Nothaft, vice president and chief economist for Freddie Mac.

"The Fed saw improvement in economic activity and labor market conditions since it began its asset purchase program, but noted the recovery in the housing market slowed somewhat in recent months and unemployment remains elevated," he added.

As a result, Nothaft explained that there was no policy change which should help sustain low mortgage rates into the near future.

The 15-year, FRM dropped to 3.20% compared to 3.24% last week, but is higher than the 2.7% posted a year ago.   

In addition, the 5-year Treasury-index adjustable rate mortgage hit 2.96% this week, a decrease from 3% last week, and up from 2.74% this time last year. 

Meanwhile, the 1-year Treasury-index ARM averaged 2.64%, up from 2.6% last week and 2.58% a year earlier.

Bankrate noted that mortgage rates went largely unchanged, with the 30-year FRM holding at 4.27%.

Furthermore, the 15-year, FRM ticked higher to 3.38%, from 3.37%, while the 5/1 ARM slipped down to 3.26% when compared to 3.27% a week earlier.

Recent Articles by Brena Swanson

Comments powered by Disqus