Mortgage Rates Hold Steady

According to Freddie Mac’s Primary Mortgage Market Survey, mortgage rates hovered around 4% last week. The national average 30-year, fixed-rate mortgage came in at 3.97% falling slightly from the previous week. The national 15-year, fixed-rate mortgage and the Treasury-indexed hybrid adjustable-rate mortgage remained unchanged, averaging 3.17% and 3.01%, respectively. Freddie Mac’s chief economist, Frank Nothaft said, “this comes during a week of uplifting economic news heading into the holiday; GDP growth was revised up in the third quarter from 3.5 percent to 3.9 percent, while existing homes sold at a 5.26 million unit pace in October, topping expectations of 5.15 million units.” More here