Mortgage Rates Hold Steady Near Record Lows

It's been a tumultuous couple of weeks for Americans, but mortgage rates have been rock-steady.

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""Freddie Mac"":http://www.freddiemac.com/pmms/ reported mixed rate movements for the week ending November 8, but any budges made were small. The average rate for a 30-year fixed-rate mortgage (FRM) for the week was 3.40 percent (0.7 point), up slightly from 3.39 percent in the previous week's survey.

The 15-year fixed average fell, meanwhile, dropping to 2.69 percent (0.7 point) from 2.70 percent previously.

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Adjustable rates were also mixed. The 5-year adjustable-rate mortgage (ARM) averaged 2.73 percent (0.6 point) this week, down from last week's average of 2.74 percent. The 1-year ARM increased, reaching 2.59 percent (0.4 point) from 2.58 percent previously.

While Freddie Mac's weekly survey registered minor shifts, ""Bankrate's"":http://www.bankrate.com/ survey showed no changes at all in most categories: The 30-year fixed average remained flat at 3.57 percent, and the 5/1 ARM averaged 2.72 percent, also unchanged.
The 15-year fixed did report a slip, however small: The average fell to 2.88 percent, down from 2.89 percent before.

With the election over and done with, most analysts are looking ahead, Bankrate says.

""Now that the presidential election is out of the way, attention turns to the looming fiscal cliff. Financial markets will become increasingly nervous with each passing day if substantive progress toward a resolution isn't made,"" Bankrate said in a release. ""These concerns could bring bond yields and mortgage rates still lower in the weeks ahead.""