- AT&T Announces Nearly 60 Jobs Available in Huntington
- NNSA releases Environmental Review of UPF Bomb Plant Plans
- Pike County Murder Investigation: Update
- Huntington Councilwoman Meets Hillary Clinton
- Portsmouth Waste Reburial: "Classification" withholds truths for that which is not actually classified
- Virginia man pleads guilty to defrauding The Greenbrier through cancer scheme
- Donald J. Trump Visiting Charleston
- Student diagnosed with meningitis; university following CDC protocol
- Huntington Fire Department now carrying life-saving medication for opioid overdoses
- Colley Testified Nuke Worker Compensation Protocol Broken
FREDDIE MAC: Something to be Thankful for: Mortgage Rates Dip for 2nd Consecutive Week To New Record Lows
The popular 30-year fixed-rate mortgage (FRM) averaged 3.31 percent with an average 0.7 point for the week ending November 21, 2012, down from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.98 percent.
"Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery," said Frank Nothaft, Freddie Mac's vice president and chief economist. "Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008. In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index. And existing home sales increased 2.1 percent in October to an annualized pace of 4.79 million, exceeding the market consensus forecast."
In other rate news, 15-year FRM this week averaged 2.63 percent with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, the same as last week. A year ago, the 5-year ARM averaged 2.91 percent. And 1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, up from last week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.79 percent.