30-Year Rate Holds Steady

The average 30-year fixed mortgage rate was unchanged, at 6.24%, for the seven-day period ended Nov. 15, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.90% to 5.88%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.89% to 5.96%, and the average rate for one-year Treasury-indexed ARMs was unchanged, at 5.50%, Freddie Mac reported. Fees and points averaged 0.4 of a point for fixed-rate mortgages and hybrid ARMs and 0.5 of a point for one-year ARMs. "Higher productivity growth in the third quarter, coupled with a larger-than-expected decline in consumer confidence in November, sent mixed signals on the current state of the economy," said Frank Nothaft, Freddie Mac's chief economist. "As a result, there were no definite upward or downward pressures on mortgage rates this week." A year ago, the average 30-year and 15-year fixed rates were 6.24% and 5.94%, respectively, and the average hybrid and one-year ARM rates were 6.04% and 5.53%, Freddie Mac said. Freddie can be found online at http://www.freddiemac.com.