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The 30-year average fixed mortgage rate in the U.S. edged down in the latest week, remaining below 4% ahead of the Thanksgiving holiday weekend, according to mortgage-finance company Freddie Mac (FMCC).
Freddie Mac Chief Economist Frank Nothaft noted Wednesday that mortgage rates were little changed overall amid "a week of uplifting economic news heading into the holiday; [gross domestic product] growth was revised up in the third quarter from 3.5% to 3.9%, while existing homes sold at a 5.26 million unit pace in October, topping expectations of 5.15 million units."
For the week ended Wednesday, the 30-year fixed-rate mortgage averaged 3.97%, compared with 3.99% a week earlier and 4.29% a year earlier. Rates on 15-year fixed-rate mortgages averaged 3.17%, unchanged from the previous week and down from 3.3% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, on average, were at 3.01%, also unchanged from the previous week but up slightly from 2.94% a year earlier. One-year Treasury-indexed ARM rates on average were 2.44%, also flat compared with a week earlier but lower than the 2.6% a year before.
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(END) Dow Jones Newswires
11-26-14 1000ET
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