Mortgages average 3.97% | North Salem Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average fixed mortgage rates flat to down slightly from the previous week with the average 30-year fixed-rate mortgage remaining below four percent.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.5 point for the week ending November 26, 2014, down from last week when it averaged 3.99 percent. A year ago at this time, the 30-year FRM averaged 4.29 percent.
• 15-year FRM this week averaged 3.17 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.30 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.94 percent.
• 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.60 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were little changed on the week with the 30-year fixed-rate mortgage declining to 3.97 percent. This comes during a week of uplifting economic news heading into the holiday; GDP growth was revised up in the third quarter from 3.5 percent to 3.9 percent, while existing homes sold at a 5.26 million unit pace in October, topping expectations of 5.15 million units.”