US Mortgage Rates Continue to Slide

US Mortgage Rates Continue to Slide

Residential News » North America Residential News Edition | By WPJ Staff | October 31, 2013 11:10 AM ET

Average fixed mortgage rates in the U.S. dropped for the second straight week, reaching their lowest level since June, as recent data shows deceleration in the housing market, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 4.10 percent for the week ending October 31, down from 4.13 percent last week

"Fixed mortgage rates eased further leading up to the Federal Reserve's October 30th monetary policy announcement," Frank Nothaft, vice president and chief economist, Freddie Mac, said in the report. "The Fed saw improvement in economic activity and labor market conditions since it began its asset purchase program, but noted the recovery in the housing market slowed somewhat in recent months and unemployment remains elevated."

The lack of government policy changes should sustain low mortgage rates in the near future, Freddie Mac said.  

The 15-year fixed-rate mortgage averaged 3.20 percent, down from 3.24 percent last week. At this time last year, the average was 2.70 percent.

The one-year treasury-indexed ARM averaged 2.64 percent this week, up from 2.60 percent last week.

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