Mortgage rates remain low to start November

The recent release of mortgage records showed home loan rates remained at low levels to end October and begin the month of November.

The recent release of mortgage records showed home loan rates remained at low levels to end October and begin the month of November.

According to the latest Primary Mortgage Market Survey, Freddie Mac noted the 30-year fixed-rate mortgage averaged 3.39 percent during the week ending November 1. This was a slight decline from the previous week's average of 3.41 percent. The 15-year FRM dropped to 2.7 percent from the previous week's figure of 2.72 percent.

"Mortgage rates remained relatively unchanged this week on signs of a growing economy and low inflation," said Frank Nothaft, vice president and chief economist for Freddie Mac. "The economy grew 2.0 percent in the third quarter with residential fixed investment contributing 0.3 percentage points to growth."

The Mortgage Bankers Association noted in its Weekly Mortgage Applications Survey that the level of home loan applications dropped 4.8 percent for the week ending October 26. The Refinance Index declined 6 percent during that period. However, the Purchase Index rose 1 percent compared to the week previous.



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