So are you thinking about turkey, dressing and all the yummy food? Looking forward to spending time with your loved ones? Or maybe you are planning on braving the crowds on Black Friday?
Or maybe you are like me and you are preoccupied with everything real estate. Such as keeping an eye on mortgage rates. So instead of sharing some tips about how to cook a turkey, let’s look at the average mortgage rates reported by the MBA and Freddie Mac for this week:
Freddie Mac Reported:
- 30-year fixed-rate mortgages averaged 4.22% with an average 0.7 point
- This is down from last week when it averaged 4.35%
- Last year at this time, 30-year fixed-rate mortgages averaged 3.31%
- 15-year fixed-rate mortgages this week averaged 3.27% with an average 0.7 point
- This is down from last week when it averaged 3.35%
- Last year at this time, the 15-year fixed-rate mortgages averaged 2.63%
Check out the chart from Freddie Mac showing the average mortgage rates:
Frank Nothaft, vice president and chief economist at Freddie Mac said:
Fixed mortgage rates fell this week on reports of weaker manufacturing growth and declines in overall inflation rates. Industrial production slipped by 0.1 percent in October, below the market consensus forecast of a 0.2 percent gain. The consumer price index also unexpectedly fell during the month. On an annual basis, consumer prices are up 1 percent, the smallest increase since October 2009.
The Mortgage Bankers Association Reported:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.46% from 4.44%, with points decreasing to 0.38 from 0.44 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.47% from 4.48%, with points decreasing to 0.22 from 0.34 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 15-year fixed-rate mortgages was unchanged at 3.52%, with points increasing to 0.33 from 0.27 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The Take Away:
I guess we can be thankful that most of the rates reported by Freddie and the MBA decreased. However, we have to remember the reason for rates decreasing is because the economy is still weak.
While many of us have plenty to be thankful about, there are many Americans that are facing tough times. I hope you will remember them in your thoughts and prayers. Send some positive energy to everyone you meet during the Thanksgiving Holiday.
They may be facing challenges that you don’t know about.
Now for those watching mortgage rates, I must point out these are the average mortgage rates. You might get a lower or higher rate. The only way to find out exactly what is possible for you is to talk to your trusted mortgage professional.
As always, I am providing this to you for informational purposes only! I am not a mortgage lender and you should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products.
Originally post on my blog at Mortgage Rate Update 11-22-2013