Freddie Mac today reported that average fixed mortgage rates are at or near all-time record lows helping to keep homebuyer affordability high. The 30-year fixed averaged 3.91 percent for the week, a new all-time low, dropping below last week’s 3.94 percent, the previous record low. The 15-year fixed matched last week’s all-time record low at 3.21 percent. Adjustable rate products also hit new all-time lows in this week’s survey. 15-year Fixed rate mortgages this week averaged 3.21 percent with an average 0.8 point.
"Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today’s homebuyers are paying over $1,200 less per year on a $200,000 loan. This greater affordability helped push existing home sales higher for the second consecutive month in November to an annualized pace of 4.42 million, the most since January. In addition, new construction of one-family homes also showed a back-to-back monthly gain in November to the largest increase since June.
SOURCE Freddie Mac
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