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Mortgage Rates Hold Near Record Lows

""Freddie Mac"":http://www.freddiemac.com released the results of its ""weekly mortgage rate survey"":http://www.freddiemac.com/pmms/ Thursday, showing average fixed mortgage rates largely unchanged and near their record lows, helping to keep housing affordability high for those borrowers who are in the market.


The 30-year fixed rate dipped to 3.99 percent (0.7 point) for the week ending December 8, down from last week when it averaged 4.00 percent. Last year at this time, the 30-year rate was 4.61 percent.

At 3.27 percent (0.8 point), the 15-year fixed rate this week averaged just slightly above its all-time low of 3.26 percent on October 6, 2011. The 15-year rate slipped from 3.30 percent last week. A year ago at this time, it was averaging 3.96 percent.

Adjustable-rate mortgages (ARMs) rose slightly this week, but both products included in Freddie's study are coming off of all-time historic lows recorded last week.

The 5-year ARM is now averaging 2.93 percent (0.5 point), up from 2.90 percent last week. This time last year, the 5-year ARM was at 3.60 percent.

One-year ARMs averaged 2.80 percent (0.6 point) this week. The average was 2.78 percent last week and 3.27 percent at the same time last year.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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