The housing market likely remained affordable for many people in the residential housing market, as residential mortgage rates stayed low during the week ending November 8.
According to mortgage data from Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage average was 3.4 percent, only one basis point higher than the previous week's figure of 3.39 percent. The 15-year FRM was 2.69 percent, only one basis point lower than the week previous, as well. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.73 percent, which was one basis point lower than the previous figure.
Property data was helped by other factors in the economy, as well.
"Mortgage rates remained near record lows following the employment report for October," said Frank Nothaft, vice president and chief economist for Freddie Mac. "The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000."
The home loan situation was affected by Hurricane Sandy, despite improvements throughout much of the nation. The Weekly Mortgage Applications Survey from the Mortgage Bankers Association showed mortgage applications fell 5 percent during the week ending November 2, but this was due to the housing markets of the Mid Atlantic and Northeast experiencing heavy affects from the storm.