Mortgage rates remained near record lows over the last six weeks, following the October employment report, according to Freddie Mac's weekly mortgage survey.
The 30-year, fixed-rate mortgage averaged 3.4%, with an average 0.7 point. This increased from last week when the average was 3.39%. The 30-year FRM average was 3.99% a year prior.
The 15-year FRM averaged 2.69%, with an average 0.7 point. This decreased from last week, which averaged 2.7%. The 15-year FRM average was 3.3% a year prior
"Mortgage rates remained near record lows following the employment report for October," said Freddie Mac Vice President and Chief Economist Frank Nothaft. "The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000."
He added, "The Labor Department also reported that the unemployment rate ticked up to 7.9% and that average hourly wages were unchanged."
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.73%, with an average 0.6 point. This also declined from last week, which averaged 2.74%. The 5-year ARM average was 2.98% a year prior.
The 1-year Treasury-indexed ARM averaged 2.59% with an average 0.4 point, up from 2.58% a week ago. The 1-year ARM average was 2.95% a year prior.