Rates on the 30-year mortgage averaged 3.99% for the week ending Nov. 10, down from 4% last week and 4.17% a year ago, McLean, Va.-based Freddie Mac said Thursday.
Rates on 15-year fixed-rate mortgages also dropped slightly, averaging 3.3% this week, down from 3.31% last week and 3.57% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.98% this week, up slightly from 2.96% last week. The ARM averaged 3.25% a year ago.
And 1-year Treasury-indexed ARMs averaged 2.95% this week, up from 2.88% last week. The ARM averaged 3.26% a year ago.
To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 0.7 of a point, the 15-year fixed-rate mortgage required an average 0.8 point and the ARMs required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
“Fixed mortgage rates were little changed this week amid a mix of economic data reports,” said Freddie Mac chief economist Frank Nothaft in a news release.
“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 9%, the lowest in six months. Factory orders improved in September, yet the expansion in the service industry slowed in October,” he said.
Low home prices and mortgage rates have kept affordability high, Nothaft said, adding that the National Association of Realtors’ housing affordability index in September hit its third highest reading on record.