Home Buyer,  Mortgage Rates

Buyers Jump in as Fixed Mortgage Rates Decline

Coin bank sitting on grass with hand putting in a coinJust when we thought the attractive low mortgage rates were starting to rise we find they are plunging again, presenting favorable rates for buyers in today’s market.

In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates declined amid weaker manufacturing growth and declines in overall inflation rates.

Fixed Mortgage Rates

  • 30-year fixed-rate mortgage averaged 4.22 percent with an average 0.7 point for the week ending November 21, 2013, down from last week when it averaged 4.35 percent. A year ago at this time, the 30-year fixed-rate mortgageaveraged 3.31 percent.
  • 15-year fixed-rate mortgage this week averaged 3.27 percent with an average 0.7 point, down from last week when it averaged 3.35 percent. A year ago at this time, the 15-year fixed-rate mortgage  averaged 2.63 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.74 percent.
  • 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.56 percent.

According to Frank Nothaft, vice president and chief economist, Freddie Mac: “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.”

If you are buying or selling a home in the greater Phoenix area, please get in touch with me.
I’m happy to tell you about my listing services or help you shop for a new home! 480 688-2000

 

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