Mortgage Rates Falling As New Home Sales Disappoint

According to Freddie Mac, long-term mortgage rates fell this week with the average rate on a 30-year fixed-rate mortgage hitting the lowest level since May 30, 2013. Currently a 30-year fixed rate averages 3.89 percent in the week ending Dec. 4, down from 3.97 percent the previous week. A year ago, 30-year rates averaged 4.46 percent.

A 15-year fix decreased to an average 3.10 percent from 3.17 percent while a one-year adjustable-rate mortgage averaged 2.41 percent this week, down from 2.44 percent.

the National Association of Realtors reported that new home sales in October were short of expectations as pending sales of existing homes fell 1.1 percent in October.

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