- World in Danger: The Fukushima California Connection
- Forensic Science Graduate Program ranks number one in the nation on national assessment test scores
- Huntington Police Make Robbery Arrest, Respond to Burglary Reports
- Hot Humid Natsu 2016 Prepares for Fall Con IMAGES
- Marshall University School of Medicine announces new chair of neurology
- W.Va. AG Files Lawsuit Against Putnam County Roofing Company
- Rooster's Hosts Princess Night with Mickey and Minnie Mouse IMAGES
- W.Va. AG, Board of Pharmacy Launch Morphine Calculator to Reduce Opioid Abuse
- OP ED: FOIA Exemptions Prevent Some Energy Workers from Proving Claim
- Spook Hunters Visit Pullman Square Marquee Cinema IMAGES
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.