Mortgage rates continued their race to the basement, setting new lows for the week ending Nov. 11, according to a new survey compiled by Freddie Mac.
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The GSE said 30- and 15-year FRMs both reached new lows of 4.17%, and 3.57%, respectively. (Both measurements include 0.80 points paid.)
Freddie noted that the 5-year ARM also reached a new low: 3.25% with 0.70 points paid.
Freddie economist Frank Nothaft said the Federal Reserve's quantitative easing plan played a role in the rate decline, but cautioned that despite low rates, home buying is still weak because the unemployment rate is stuck at 9.6%.
He also blamed banks for tightening their residential loan standards.
