Fixed mortgage interest rates average 3.98 percent, ARMs at new lows

mortgagerates

Rates on conforming 30-year, fixed-rated mortgages (FRM) averaged 3.98 percent, with an average 0.7 point, the week ending Nov. 23, 2011, little changed from 4 percent last week.

The rate was 4.40 percent a year ago, according Freddie Mac’s weekly Primary Mortgage Market Survey.

The 30-year fixed has averaged at or below 4 percent for the fourth consecutive week.

The average rate on the 15-year fixed rate mortgage, 3.30 percent with an average 0.7 point, was little changed from 3.31 percent a week ago. The rate was 3.77 percent a year ago.

Mortgage rates eased slightly this week with fixed-rate loans hovering above all-time lows and ARMs reaching a new nadir. The high-degree of home-buyer affordability in recent months translated into a 1.4 percent pickup in existing home sales during October,” said Frank Nothaft, vice president and chief economist at Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent this week, with an average 0.6 point, down from last week’s 2.97 percent average. The 5-year ARM averaged 3.45 percent a year ago.

Finally, for the week ending Nov. 23, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.79 percent, with an average 0.6 point, down from 2.98 percent last week and 3.23 percent last year at this time.

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