Mortgage Interest Rate Report - November
Last Updated: 11/18/2014

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Long-term mortgage interest rates took a major tumble in October, according to data from mortgage finance company Freddie Mac, as investors worried about international crises.

October 2

During the first week, rates were virtually unchanged with the average on a 30-year fixed rate mortgage (FRM) fluttering down to 4.19 percent, excluding fees, down from 4.20 percent the week before. The 15-year FRM rate was unmoved at 3.36 percent and the one-year adjustable rate mortgage (ARM) carried an average rate of 2.42 percent, down from 2.43 percent the previous week.

October 9

The next week interest rates fell “on a week filled with bleak forward projections from the Federal Reserve and concern over growth in Europe,” said Freddie Mac vice president and chief economist Frank Nothaft. The 30-year FRM rate dropped to 4.12 percent, the 15-year FRM fell to 3.30 percent and the one-year ARM held steady at 2.42 percent.

October 16

The third week saw rates plunge to their lowest levels in over a year. The rate on a 30-year FRM plummeted below 4 percent to 3.97 percent. The 15-year rate dropped to 3.18 percent and the one-year slipped to 2.38 percent.

"Mortgage rates were down sharply following the decline in the 10-year Treasury yield for the second straight week,” said Nothaft. “Rates are at their lowest levels since June 2013 amidst continued investor skepticism regarding the precarious economic situation in Europe."

October 23

Rates continued to fall in the next week, with the 30-year FRM rate tumbling to 3.92 percent, the 15-year FRM declining to 3.08 percent while the one-year ARM rose to 2.41 percent.

October 30

The last week brought an increase in the rates but the average 30-year FRM rate was still below 4 percent at 3.98 percent. The 15-year FRM rate moved up to 3.13 percent and the one-year ARM rose to 2.43 percent.

"Mortgage rates grew across the board this week, rebounding from the lowest rates of the year,” Nothaft commented. “New home sales grew at an annual rate of 467,000 sales in September, the fastest rate observed during the recovery. Meanwhile, the National S&P Case-Shiller House Price Index grew at a seasonally adjusted annual rate of 0.4 percent in August."

Forecast

recent interest rates for 30 and 15 year fixed rate mortgages

International financial woes continued to worry investors who have fled to the safety of U.S. Treasury bonds in October. November will see those fears compete against the generally improving domestic economy and the effect on interest rates may be mixed. Rates could remain below 4 percent for the next several weeks if international news remains dour.



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