Mortgage rates remain affordable


mortgage30yearfixedrates Update: Mortgage rates remain affordable

(11/29/2011) – Mortgage interest rates were mostly unchanged and remained relatively affordable for those who could qualify for a mortgage in the week ending Nov. 29, according to the weekly mortgage30yearfixedrates update .

The average rate for conforming, 30-year fixed rate mortgages (FRMs) was unchanged at 4.24 percent, compared to 4.23 percent last week and 4.60 percent a year ago.

For the week, mortgage30yearfixedrates reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.68 percent. The highest was 6.90 percent.

The average rate for the 15-year FRM, 3.54 percent was also virtually unchanged from 3.53 a week ago, according to mortgage30yearfixedrates, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.66 percent and 2.97 percent, respectively. A year ago, the average 15-year FRM rate was 4.04 percent.

mortgage30yearfixedrates's National APR (annual percentage rates) numbers are tallied from the interest rates some 200 mortgage originators.

On Nov. 29, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.20 percent, was up from 3.16 percent last week. The 5/1 ARM averaged 3.19 percent last year at this time. For the week, the low 5/1 ARM was 1.86 percent and the high, 4.38 percent, both unchanged for at least two weeks.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

mortgage30yearfixedrates reported the average rate for 30-year, non-conforming loans came in at 4.82 up a tick from 4.81 percent last week and down from 5.33 a year ago..

On Nov. 29, the average variable rate on home equity lines of credit (HELOC) was 4.73 percent, unchanged from last week. The lowest HELOC rate was 2.25 percent and the high, 9 percent, also unchanged. A year ago, the rate averaged 4.89 percent.

The average FRM rate on 15-year home equity loans was 6.60 percent, also unchanged from a week ago and 6.97 percent last year. Rates on 15-year home equity loans ranged from 3.13 percent to 11.25 percent, unchanged from last week.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage interest rates steady

 (12/1/2011) – Rates on conforming 30-year fixed-rated mortgages averaged 4 percent, with an average 0.7 point, the week ending Dec. 1, 2011, little changed from 3.98 percent last week.

The rate was 4.46 percent a year ago, according mortgage30yearfixedrates's weekly survey.

The 30-year fixed has averaged at or below 4 percent for the fifth consecutive week.

"This week, the Federal Reserve released its latest Beige Book review of regional economic conditions, noting that the residential real estate market generally remained sluggish through the first half of the fourth quarter but that the economy expanded at a moderate pace in 11 of its 12 Districts. The extraordinarily low mortgage rates of the past month may provide a needed spur to housing activity," said Frank Nothaft.

The average rate on the 15-year fixed rate mortgage, 3.30 percent with an average 0.8 point, unchanged from a week ago. The rate was 3.81 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90 percent this week, with an average 0.6 point, a tick of last week's 2.91 percent average. The 5-year ARM averaged 3.49 percent a year ago.

Finally, for the week ending Dec. 1, Freddie Mac reported the 1-year Treasury-indexed averaged 2.78 percent, with an average 0.6 point, down from 2.79 percent last week and 3.25 percent last year at this time.