Freddie Mac's Primary Mortgage Market Survey showed average fixed mortgage rates changing little for the second consecutive week amid mixed consumer confidence and housing data. Fixed mortgage rates remain near their 60-year lows.
30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.8 point for the week ending October 27, 2011, down from the prior week when it averaged 4.11 percent. Last year at this time, the 30-year FRM averaged 4.23 percent.
15-year FRM this past week averaged 3.38 percent with an average 0.7 point, the same as the previous week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 3.66 percent.
According to Frank Nothaft, vice president and chief economist, Freddie Mac, "The latest monthly housing market indicators were mixed, with consumer confidence soft, house prices largely flat, and new home sales up from very low levels.
Consumer confidence fell below the market consensus forecast in October to the lowest reading since March 2009, according to The Conference Board."
[SOURCE: Freddie Mac]
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