Mortgage Rates Drop to Lowest Point in Five Weeks
November 13, 2009 - Mortgage interest rates fell this past week, reaching their lowest levels since mid-October, Freddie Mac reported in a statement released on Thursday. These results are based off of Freddie's Primary Mortgage Market Survey, where for the week ending November 12th, a 30-year fixed-rate mortgage averaged at 4.91 percent, decreasing from the 4.98 percent a week earlier.
"Mortgage rates eased further over the week, helping to promote an affordable home-purchase market and stimulate refinance," stated Frank Nothaft, chief economist for Freddie Mac. "This comes at a time when house price declines are moderating and consumer demand for prime mortgages at commercial banks has picked up."
Moreover, Nothaft also reported that according to the National Association of Realtors® , "almost 20 percent of the top metropolitan areas had experienced positive annual growth," opposed to first quarter where only about 12 percent was recorded.
Existing home sales and housing starts have also gone up in recent weeks, indicating a positive economic turn.