Average fixed mortgage rates in the U.S. fell in the latest
week, with the 30-year-fixed rate reaching the lowest level in more
than a year and a half, according to mortgage-finance company
Freddie Mac (FMCC).
Freddie Mac Chief Economist Frank Nothaft noted Thursday that
recent data indicated that new home sales missed expectations for
October while the National Association of Realtors reported that
pending home sales fell 1.1% in October. An employment survey
compiled by payroll processor Automatic Data Processing Inc. and
forecasting firm Moody's Analytics reported U.S. job growth for
November also missed expectations.
For the week ended Thursday, the 30-year fixed-rate mortgage
averaged 3.89%, the lowest level since the week of May 30, 2013.
The 30-year-fixed rate was 3.97% a week earlier and 4.46% a year
earlier.
Rates on 15-year fixed-rate mortgages averaged 3.1%, compared
with 3.17% the previous week and 3.47% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, were at 2.94%, compared with 3.01% the previous
week and 2.99% a year earlier. One-year Treasury-indexed ARM rates
on average were 2.41%, from 2.44% the previous week and 2.59% a
year earlier.
Write to Tess Stynes at tess.stynes@wsj.com
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