MCLEAN, Va., -- Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates changing little from the previous week amid a mix of economic data reports as the 30-year fixed-rate mortgage averaged 3.99 percent, dropping below 4.00 percent for the second time this year. The 30-year fixed averaged 3.94 percent in the October 6, 2011 survey.

30-year fixed-rate mortgage (FRM) averaged 3.99 percent with an average 0.7 point for the week ending November 10, 2011, down from last week when it averaged 4.00 percent. Last year at this time, the 30-year FRM averaged 4.17 percent.  

15-year FRM this week averaged 3.30 percent with an average 0.8 point, down from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 3.57 percent.  

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week, with an average 0.6 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.25 percent.

1-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.6 point, up from last week when it averaged 2.88 percent. At this time last year, the 1-year ARM averaged 3.26 percent.  

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Fixed mortgage rates were little changed this week amid a mix of economic data reports. The economy added 80,000 net jobs in October, below the market consensus forecast, but employment gains over the prior two months were revised up by 102,000 and the unemployment rate fell to 9.0 percent, the lowest in six months. Factory orders improved in September, yet the expansion in the service industry slowed in October."

"Soft house prices and low mortgage rates have kept home-buyer affordability historically high, according to the National Association of Realtors® (NAR). In the third quarter, 74 percent of the NAR's metropolitan areas exhibited annual house price declines, compared to 72 percent in the second quarter. In addition, 30-year fixed mortgage rates averaged 4.3 percent in the third quarter as opposed to 4.7 percent in the second. These factors helped raise September's NAR Housing Affordability Index to the third highest reading on record which dates back to 1971."

Published: November 11, 2011

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