Mortgage Rates Hover Around 4 Percent
Mortgage rates are still settling around 4 percent, according to Freddie Mac, which reported 4.01 percent with an average 0.5 point as the average on a 30-year fixed-rate mortgage this morning. That’s a very slight drop from last week’s 4.02 percent, but down quite a bit from the November 2013 average of 4.35 percent.
Mixed economic data were behind the stagnant rates, according to Freddie Mac’s chief economist Frank Nothaft.
“Fixed mortgage rates were slightly down on mixed results from October’s employment report,” he said in a news release. “While the unemployment rate declined to 5.8 percent, nonfarm employment rose by 214,000 jobs, which was below consensus expectations. Net revisions for payroll employment in August and September added 31,000 more jobs to the initial readings.”
UrbanTurf is following the path of the rates in this chart:
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This article originally published at https://dc.urbanturf.com/articles/blog/4.01_mortgage_rates_hover_around_4_percent/9217
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