Freddie Mac: Rates drift below 4% again

Rates slightly down from last week

Mortgage rates ticked back down and fell below 4%, as rates continue to fluctuate around this level, Freddie Mac’s Primary Mortgage Market Survey said. 

The 30-year, fixed-rate mortgage averaged 3.99% for the week ended Nov. 20, down from last week’s 4.01%. Last year, the 30-year, FRM came in at 4.22%.

Meanwhile, the 15-year, FRM dipped to 3.17%, down from 3.20% a week ago and 3.27% a year ago.

The 5-year, Treasury-indexed hybrid adjustable-rate mortgage dropped from 3.02% a week prior to 3.01%. A year ago, the 5-year ARM averaged 2.95%.

The 1-year Treasury-indexed ARM increased to 2.44%, marginally up from 2.43%. In 2013, it averaged 2.61%.

“Fixed mortgage rates were slightly down as housing starts declined 2.8% in October below the upwardly revised September rate. However, building permits increased 4.8 percent in October after a 2.8% boost a month earlier. Lastly, industrial production slipped by 0.1% in October, below the market consensus forecast,” said Frank Nothaft, vice president and chief economist with Freddie Mac.

In addition, Bankrate reported the second consecutive week of rates decreasing.

The 30-year, FRM fell to 4.10%, compared to 4.13% a week ago.

The 15-year, FRM decreased 3.30%, down from 3.32%, while the 5/1 ARM dropped to 3.21%, down from 3.22% last week.  

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