According to Freddie Mac, the 30-year fixed-rate mortgage (FRM) averaged 6.10 percent with an average 0.5 point for the week ending November 29, 2007, down from last week when it averaged 6.20 percent as well. Last year at this time, the 30-year FRM averaged 6.14 percent. The 30-year FRM has not been lower since the week ending October 13, 2005, when it averaged 6.03 percent.
The 15-year FRM this week averaged 5.73 percent with an average 0.5 point, down from last week when it averaged 5.83 percent. A year ago at this time, the 15-year FRM averaged 5.87 percent. The 15-year FRM has not been lower since the week ending January 26, 2006, when it averaged 5.70 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.86 percent this week, with an average 0.5 point, down from last week when it averaged 5.88 percent. A year ago, the 5-year ARM averaged 5.95 percent. The 5-year ARM has not been lower since the week ending January 26, 2006 when it averaged 5.75 percent.
One-year Treasury-indexed ARMs averaged 5.43 percent this week with an average 0.7 point, up from last week when it was 5.42 percent. At this time last year, the 1-year ARM averaged 5.46 percent.
Freddie Mac's Weekly Primary Mortgage Market Survey rates reported November 29, 2007 at a glance:
30-yr Fixed Rate Mortgage: 6.10% with fees & points averaging at 0.5
15-yr Fixed Rate Mortgage 5.73% with fees & points averaging at 0.5
5/1-yr Adjustable Rate Mortgage 5.86% with fees & points averaging at 0.5
1-yr Adjustable Rate Mortgage 5.43% with fees & points averaging at 0.7
It's a great time to buy! And with so many great homes to choose from, it's likely you can find your dream home at the right price. Instead of the usual holiday slow down in home sales, we've actually seen the market pick up over the last several weeks in the Alpharetta, Cumming, North Georgia area. Many are taking advantage of these great rates! Give us a call, or email us today to let us know how we can help you with your real estate needs. Vanderhoff Real Estate is your bridge to success!
