After a few weeks of fairly steady rates, mortgage rates have decided yet again they are not ready to stop setting record lows.
Over the past week the average national mortgage rates have decreased across the board.
According to Freddie Mac’s Primary Mortgage Market Survey, which takes the average rates offered by banks and lenders across the nation and averages them out, rates for this week look like this.
| November 11, 2010 | 30-Yr FRM | 15-Yr FRM | 5/1-Yr ARM | 1-Yr ARM |
|---|---|---|---|---|
| Average Rates | 4.17 % | 3.57 % | 3.25 % | 3.26 % |
| Fees & Points | 0.8 | 0.8 | 0.7 | 0.7 |
These are new lows compared to last weeks numbers:
| November 4, 2010 | 30-Yr FRM | 15-Yr FRM | 5/1-Yr ARM | 1-Yr ARM |
|---|---|---|---|---|
| Average Rates | 4.24 % | 3.63 % | 3.39 % | 3.26 % |
| Fees & Points | 0.8 | 0.7 | 0.6 | 0.7 |
It is obvious to see that rates are not ready to climb back up the ladder quite yet.
Not since October 14th when rates were 4.19% on the 30 year fixed, have rates been down this low.
Will this trend continue?
No one can forecast what rates will do with 100% certainty, but there doesn’t appear to be anything on the economic horizon that would suggest mortgage rates go any other direction but down. Perhaps they steady out or even bump back up slightly, but it may be a while before we see a significant rise in mortgage rates.
Doing a mortgage yourself? Check out these mortgage help articles. What is PMI? and How is APR Calculated?
