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Freddie Mac: Mortgage rates hold steady in November

Posted on Thursday, November 13, 2014 at 10:36:46 AM

For consumers, the significant decrease in residential financing rates over the past month has been welcomed. According to Freddie Mac, rates have avoided a substantial increase as well, holding steady near 2014's lows.

For example, the 30-year fixed-rate mortgage averaged 4.01 percent for the week ending Nov. 13, compared to the previous seven-day period's 4.02 percent. The 15-year FRM dropped as well, down from 3.21 percent to 3.20 percent. 

"Fixed mortgage rates were slightly down on mixed results from October's employment report," explained Frank Nothaft, vice president and chief economist at Freddie Mac. "While the unemployment rate declined to 5.8 percent, nonfarm employment rose by 214,000 jobs, which was below consensus expectations. Net revisions for payroll employment in August and September added 31,000 more jobs to the initial readings."

In addition to the relatively low residential financing rates, the Mortgage Bankers Association reported that mortgage applications decreased on a weekly basis for the week ending Nov. 7. 

Overall applications dropped 0.9 percent during that time. The MBA's Refinance Index slid 2 percent, while the total refinance share of mortgage activity stayed the same at 63 percent. On the other hand, the adjustable-rate mortgage share fell to 7.1 percent of total applications.