“Fixed mortgage rates’ upward climb stalled this week as weak housing data put a damper on investors’ enthusiasm.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average remained at 3.83 percent with an average 0.6 point, same as it was a week ago. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.42 percent a year ago
The 15-year fixed-rate average was also flat, holding steady at 3.13 percent with an average 0.5 point. It was 2.72 percent a year ago. The five-year adjustable rate average rose to 3.20 percent with an average 0.5 point. It was 3.17 percent a week ago and 2.81 percent a year ago.”
What this means is home sales going into the fourth quarter continue to be weaker than economists and industry leaders anticipated. For the full story, click here.