Rates continue to hover near historic lows
The short holiday week saw little change in mortgage rates.
According to Mortgage News Daily, the Best-Execution Rates for Friday, November 25th ranged from 3.875% (“very few”) to 4.125% (“some”), with most seen at 4.0%. Realty Times reported the results of Freddie Mac’s Primary Mortgage Market Survey for the three-day week:
- 30-year fixed-ratemortgage averaged just under 4.0%, down from 4.40% a year ago
- Average rate for 5-year adjustable-rate mortgages (ARMs) reached a new low of 2.91%, down from 3.45% last year
- Average rate for 1-year ARMs was 2.79%, down from 3.23% last year
Although home sales were slightly up in October, according to the National Association of Realtors (NAR), they could have been even better had there not also been a high number of failed sale contracts in October. NAR’s chief economist attributes the failed contracts in part to appraised values not matching the negotiated sale price and to tight credit standards.