Mortgage rates decline to record-low levels

Recent mortgage data revealed multiple loan rate averages fell to their lowest levels in history during mid-November, according to a report from Freddie Mac.

Recent mortgage data revealed multiple loan rate averages fell to their lowest levels in history during mid-November, according to a report from Freddie Mac.

A 15-year fixed-rate mortgage averaged 2.65 percent during the week ending November 15. This was slightly lower than the 2.69 percent recorded one week earlier, the government-sponsored enterprise's Primary Mortgage Market Survey reported. Additionally, 30-year fixed-rate mortgages averaged 3.34 percent, which was six basis points lower than the previous figure.

"Fixed mortgage rates eased this week to record lows on indicators of higher consumer confidence and lower wholesale prices," said Frank Nothaft, vice president and chief economist of Freddie Mac. "Consumer sentiment rose in November to the highest reading since July 2007 according to the University of Michigan. Meanwhile, the core producer price index fell 0.2 percent in October."

Improvement likely occurred in real estate records due to the lower mortgage rates, as more consumers may have acquired properties. The GSE added that the previous record for the 30-year FRM was 3.36 during the week of October 4, while the 15-year FRM reached 2.66 percent during the week ending October 18.



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