According to Freddie Mac’s recently released survey, America’s delicate housing market received some good news that current mortgage rates remained stable, at approximately 5%, through Thursday, October 29. A 30-year fixed-rate mortgage is currently reported at 5.03%, up slightly from 5.00 last week. However, it is still extraordinarily lower than the 6.46% rate from the same week one year prior.
Freddie Mac’s vice president and chief economist, Frank Nothaft, said mortgage rates have averaged just below 5% throughout 2009. Nothaft also said it is the lowest average for a 10-month period since 1971. “As a result, refinance activity has accounted for almost seven out of 10 mortgage applications on average this year.”
The current mortgage rates on a 15-year fixed-rate mortgage is 4.46% this week, slightly up from 4.43% last week. For the same week from one year prior, the 15-year fixed-rate mortgage was 6.19%. Surprisingly, Nothaft said, “New home sales unexpectedly [...]
Original post by Robert Hyder
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