Data released by ""Freddie Mac"":http://www.freddiemac.com shows the average rate for a fixed mortgage with a 30-year term has hovered at or below the 4.00 percent threshold for three straight weeks.
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The GSE's latest study, averaging rate data from 125 lenders for the week ending November 17, puts the 30-year fixed-rate mortgage at exactly 4.00 percent (0.7 point). That's up just 1 basis point from 3.99 percent last week. By comparison, at this time last year, the average was 4.39 percent.
The average 15-year fixed rate, a popular refinancing choice, came in at 3.31 percent (0.7 point) in ""Freddie's latest survey"":http://www.freddiemac.com/pmms/. Last week, the 15-year rate was 3.30 percent. Last year at this time, it was 3.76 percent.
[COLUMN_BREAK]The 5-year adjustable-rate mortgage (ARM) averaged 2.97 percent (0.6 point) this week, down from 2.98 percent last week. A year ago, the 5-year ARM averaged 3.40 percent.
The average rate on a 1-year ARM was 2.98 percent (0.6 point) in this week’s study. It showed the most movement of all loan products covered by the GSE, up 3 basis points from 2.95 percent. The 1-year ARM was averaging 3.26 percent at this time last year.
""Mortgage rates were little changed this week just as the economy is showing potential for further gains in the near term,†said Frank Nothaft, Freddie Mac’s chief economist.
Nothaft pointed to indicators in the retail market, where sales rose for the fifth straight month in October and beat the market consensus forecast.
AT the same time, consumer confidence rose for the third consecutive month in early November to the highest reading since June, as measured by the University of Michigan's closely watched index.
Nothaft also highlighted improvement in homebuilder confidence, which exhibited a back-to-back monthly increase in November, climbing to its highest level since May 2010.