Average rates on 30-year fixed-rate mortgages in the US dropped below four percent for the second time in history.
Following the decrease to an average of 3.94 percent on 30-year fixed mortgages in the week ending 6 October 2011, rates had risen over the past month.
According to Freddie Mac’s latest survey, rates on 30-year mortgages dropped to an average of 3.99 percent for the week ending 10 November, a decline from four percent a week earlier and 4.17 percent last year.
“The economy added 80,000 net jobs in October, below the market consensus forecast, but employment gains over the prior two months were revised up by 102,000 and the unemployment rate fell to nine percent, the lowest in six months,” said Frank Nothaft, Chief Economist at Freddie Mac.
Rates on 15-year fixed-rate mortgages also fell, averaging 3.3 percent this week, from 3.31 percent a week ago and 3.57 percent last year.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.98 percent this week, inching up from 2.96 percent last week.
In addition, 1-year Treasury-indexed ARMs averaged 2.95 percent this week, from 2.88 percent in the previous week.
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