Financing Your New Home Lending & Borrowing

Mortgage Rates, Applications Continue To Fall

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Written by Christopher Cox

From the Chicago Tribune

“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.

About the author

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Christopher Cox

Christopher G. Cox has over 20 years of experience in the real estate and finance industries. He has understands the complexities and diversity of the real estate market, and he has a passion of helping people realize the American Dream.