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Mortgage rates continue to fall

Posted on Thursday, December 3, 2015 at 10:19:41 AM

For the third week in a row, mortgage rates have fallen after an alarming rise in early November. Freddie Mac reported on Thursday that the average 30-year fixed rate mortgage declined, down now to 3.93 percent with an average 0.6 point. That is a 0.2 point slip from where it was last week. At this time one year ago, the 30-year FRM average 3.89 percent.

"Treasury yields ticked down 3 basis points after weak manufacturing data. In response, the 30-year mortgage rate dropped 2 basis points to 3.93 percent. After the survey closed, Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday's jobs report, the last significant release prior to the FOMC's meeting."

As mortgage rates continue to decline, buyers have shown some wariness about pursuing residential financing. According to the Mortgage Bankers Association, mortgage applications decreased 0.2 percent from the week before on the Market Composite Index. The Refinance Index fell 6 percent, while the share of applications for FHA loans - which stood at 13.7 percent last week - is now 13.2 percent.