30-year mortgage rate drops below 4%

WASHINGTON – Nov. 21, 2014 – Freddie Mac’s weekly mortgage rate survey found that average rates for a 30-year fixed rate mortgage again dropped below 4 percent, ending the week at a lower 3.99 percent.

“If you’re planning to buy a home in the next year, it’s better to do it sooner rather than later,” said Freddie Mac Chief Economist Frank Nothaft in a video commentary.

The 30-year fixed-rate mortgage (FRM) had an average 0.5 point for the week; last week it averaged 4.01 percent. A year ago at this time, the 30-year FRM averaged 4.22 percent.

The 15-year FRM also fell this week. It averaged 3.17 percent with an average 0.5 point, down from last week’s 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.

And the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also fell this week. It averaged 3.01 percent t with an average 0.5 point, down from last week’s 3.02 percent. A year ago, the 5-year ARM averaged 2.95 percent.

The 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, up from last week’s 2.43 percent. At this time last year, the 1-year ARM averaged 2.61 percent.

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