WASHINGTON (12/5/14)--Mortgage rates dropped to their lowest levels since May 2013 this week, according to the Freddie Mac primary mortgage market survey, released Thursday.
The 30-year fixed-rate mortgage rate dropped to 3.89% for the week ending Dec. 4, down from 3.97% the prior week, and down from 4.46% year-over-year (Housingwire.com Dec. 4).
Further, the 15-year fixed-mortgage rate slipped to 3.1% from 3.17%. Annually, the 15-year rate is down from roughly 3.5%.
"Mortgage rates were down across the board on a week of underwhelming economic releases," said Frank Northaft, Freddie Mac vice president/chief economist. "New-home sales missed consensus expectations by selling at an annual pace of 458,000 units in October, and the National Association of Realtors reported that pending-home sales dipped in October by 1.1%."
The ADP's estimate for payroll growth in November, essentially tracking private sector job adds, came in under expectations of 225,000 as well, Northaft added.
The five-year, Treasury-indexed hybrid adjustable-rate mortgage fell to 2.94% from 3.01% for the week, according to Freddie Mac. The one-year, Treasury-indexed adjustable-rate mortgage inched down to 2.41% from 2.44% (Housingwire.com).