The average mortgage rates from Freddie Mac, the MBA, the FHFA and Bankrate for the week of 11-29-2014…
While not as up to date as the mortgage rates reported by Freddie, the MBA and Bankrate.com, this is still good info.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 4.11% for loans closed in late October, up 5 basis points from 4.06% in September.
The average interest rate on all mortgage loans was 4.11%, up 4 basis points from 4.07% in September.
The average interest rate on conventional, 30 year, fixed-rate mortgages of $417,000 or less was 4.31%, a decrease of 2 basis points from 4.33% in September.
The effective interest rate on all mortgage loans was 4.27% in October, up 5 basis points from 4.22% in September. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $285,000 in October, up $4,000 from $281,000 in September.
Check out the mortgage rate chart from FHFA:
Freddie Mac Reported:
- 30 year fixed rate mortgages averaged 3.97% percent
- This is down from last week when it averaged 3.99%
- Last year at this time, 30 year fixed rate mortgages averaged 4.29%
- 15 year fixed rate mortgages week averaged 3.17%
- This is unchanged from last week
- Last year at this time, 15 year fixed rate mortgages averaged 3.30%
Check out the mortgage rate chart from Freddie Mac:
30 year fixed rate mortgages fell 2 basis points to 4.08%
15 year fixed rate mortgages fell 1 basis point to 3.29%
30 year jumbo mortgages rose 1 basis point to 4.14%
The Mortgage Bankers Association Reported:
The average contract interest rate for 30 year fixed rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.15% from 4.18%, with points increasing to 0.25 from 0.24 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 30 year fixed rate mortgages with jumbo loan balances (greater than $417,000) remained unchanged at 4.10%, with points increasing to 0.25 from 0.16 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 15 year fixed rate mortgages decreased to 3.35% from 3.38%, with points decreasing to 0.25 from 0.27 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The Take Away:
While this was a short week due to the holiday ( Happy Thanksgiving BTW ), there was plenty of economic news that lead to the slight decrease in rates.
There was also several home price reports released that show prices are still increasing.
The fact that home prices are still increasing pretty much negates these tiny decreases in mortgage rates.
Plus these are the average rates and may not reflect what is possible for you.
And mortgage rates change constantly, often several times a day.
Also we know that we have the looming change from the Fed raising rates coming in 2015.
My advice to all serious buyers is to take the first step and schedule an appointment to sit down with a mortgage professional.
Delaying talking with a lender will only cost you time and money.
The Fine Print:
As always, I am providing this to you for informational purposes only! I am not a mortgage lender and you should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products.