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Posted at 10:00 AM ET, 11/01/2012

Mortgage rates float near record lows

Mortgage rates continued to float near record lows again this week, according to the latest data released by Freddie Mac.

The 30-year fixed-rate average fell to 3.39 percent, down from 3.41 percent a week ago, but up from 3.37 percent two weeks ago. A year ago at this time, it was 4 percent.

The 15-year fixed-rate average dropped to 2.7 percent from 2.72 percent a week ago, but up from 2.66 percent two weeks ago. It was 3.31 percent a year ago at this time.

Hybrid adjustable-rate mortgages also declined. The five-year ARM averaged 2.74 percent, down from 2.75 percent a week ago and 2.96 percent a year ago.

The one-year ARM averaged 2.58 percent, down from 2.59 percent last week and 2.88 percent a year ago.

“Mortgage rates remained relatively unchanged this week on signs of a growing economy and low inflation,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “The economy grew 2.0 percent in the third quarter with residential fixed investment contributing 0.3 percentage points to growth. The core price index of personal consumer expenditures grew 1.7 percent between September 2011 and 2012 and was within the Federal Reserve’s preferred target range.”

Meanwhile, mortgage applications declined for the fourth week in a row, according to the Mortgage Bankers Association.

The Market Composite Index, a measure of loan application volume, fell 4.8 percent from last week. The Refinance Index went down 6 percent, while the Purchase Index dropped 1 percent compared with the previous week.

Although the refinance share of mortgage continued to fall, it still accounts for 80 percent of applications.

By  |  10:00 AM ET, 11/01/2012

 
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