Mortgage rates fizzle

Both long-term and short-term rates drop on signs that inflation is waning; 30-year fixed hits 6.24%.


NEW YORK (CNNMoney.com) -- Mortgage rates fell sharply this week on early signs that inflation may be less of a threat, according to a survey released Thursday.

"The Producer Price Index (PPI) and Consumer Price Index (CPI) for October came in lower than expected and bond yields dropped, pulling mortgage rates lower," said Frank Nothaft, Freddie Mac vice president and chief economist.

Mortgage Rates
30 yr fixed 4.19%
15 yr fixed 3.27%
5/1 ARM 3.36%
30 yr refi 4.17%
15 yr refi 3.25%

Find personalized rates:
 

Rates provided by Bankrate.com.

The 30-year fixed-rate mortgage (FRM) averaged 6.24 percent for the week ending Nov. 16, down from 6.33 percent, according to Freddie Mac's (Charts) Primary Mortgage Market Survey. A year ago, the 30-year FRM averaged at a higher level: 6.37 percent.

The 15-year FRM averaged 5.94 percent this week, down from 6.04 percent last week. A year ago, it averaged 5.90 percent.

Rates for five-year adjustable-rate mortgages (ARMs) came in at 6.08 percent this week, up from 6.05 percent last week. A year ago, they averaged 5.81 percent.

One-year ARMs averaged 5.55 percent, up from 5.53 percent last week. A year ago, the one-year ARM averaged 5.12 percent.

"We've probably seen the worst of the housing slump, although it may not have entirely bottomed out yet," said Nothaft. "On the other hand, lower mortgage rates should help stimulate activity in the housing market."

---------------------------------------------------

Beware the mortgage time-bomb

Mortgage applications hit highest since January

Loan Center Top of page



YOUR E-MAIL ALERTS
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.

Or, visit Popular Alerts for suggestions.
Manage alerts | What is this?
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.