Mortgage Rates Hold Steady
November 29, 2018
The latest mortgage rate data from Freddie Mac found little in the way of movement.
The 30-year fixed-rate mortgage (FRM) averaged 4.81 percent for the week ending Nov. 29, unchanged from last week. The 15-year FRM this week averaged 4.25 percent, up from last week when it averaged 4.24 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12 percent, up from last week when it averaged 4.09.
“Mortgage rates stabilized the last couple of months as interest rate sensitive sectors such as new auto and home sales have clearly softened the outlook for the economy,” said Sam Khater, Freddie Mac’s Chief Economist. “Homebuyers pounced on the stability in rates as purchase mortgage applications increased, which indicates that despite higher mortgage rates this year there are buyers on the fence waiting for the right time to buy.”
Separately, the Federal Housing Finance Agency (FHFA) reported that the average interest rate on all mortgage loans in October was 4.72 percent, up nine basis points from 4.63 in September. The effective interest rate on all mortgage loans was 4.81 percent in October, up nine basis points from 4.72 in September. And the average loan amount for all loans was $315,100 in October, up $9,000 from $306,100 in September.
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