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30-year Mortgage Rates: 3.31%

Nov. 21, 2012
Mortgage Rates

Mortgage rates dipped to record lows for the second straight week, according to the latest data from Freddie Mac.

30-year fixed-rate mortgage averaged 3.31 percent for the week ending Nov. 21, down from 3.34 percent last week and 3.98 percent last year at this time.

The 15-year fixed-rate loan came in at 2.63 percent, down from 2.65 percent last week and 3.30 percent last year.

"Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery," Freddie chief economist Frank Northaft said in a statement. "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."



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Source: (c) 2012 the Chicago Tribune


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