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15-year fixed short term ARM rates stay low
WASHINGTON (11/5/10)--Freddie Mac in its most recent mortgage rate report noted that the average rate on 30-year fixed-rate mortgages again increased slightly, while the rate on 15-year fixed-rate mortgages dropped during the week ended Nov. 4. The 30-year rate averaged 4.24%, up from the 4.23% rate reported last week and down from the 4.98% rate reported one year ago. The 15-year rate fell to 3.63% during the week, down .03% from the previous average reported a week ago. The 15-year fixed rate mortgages averaged 4.4% at this time last year. Both five-year and one-year adjustable rate mortgages were low, with average rates of 3.39% and 3.26% reported. Freddie Mac Vice President/Chief Economist Frank Nothaft said that “with little sign of inflation to push up long-term interest rates, fixed mortgage rates held relatively steady this week, while ARM rates hit new all-time record lows.” For the full release, use the resource link.
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