- BOOK REVIEW: 'The Opposite of Loneliness': Marina Keegan's Posthumous Collection of Essays, Stories
- Huntington Art Walk Resumes Thursday in Downtown; Author at Adell's Antiques
- OP-ED: Life Near the Mexican Border
- Ginseng Harvest Returns as "Appalachian Outlaws"
- Jacobs-Jones named senior vice president for operations
- Sen. Manchin Introduces Bill to Keep 150 WV Post Offices Open for Two Years
- Park District Holding Three Easter Egg Hunts
- SCENES from April 2014 Art Walk
- CONSUMER ALERT: Jury Duty Phishing Scam; Verified by Snopes
- BOOK REVIEW: 'Not Cool': Gutfeld at His Best
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.