30-Year Fixed-Rate Mortgage Averages 4.00 Percent
The 30-year Fixed Mortgage Rate averaged 4.00 % with an average 0.7 point for the week ending November 3, 2011, down from last week when it averaged 4.10 %. Last year at this time, the 30-year FRM averaged 4.24 percent.
On a 15-year FRM last week averaged 3.31 % with an average 0.7 point, down from the previous week when it averaged 3.38 %. A year ago at this time, the 15-year FRM averaged 3.63 %.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 % last week, with an average 0.6 point, down from the previous week when it averaged 3.08 %. A year ago, the 5-year ARM averaged 3.39 %.
1-year Treasury-indexed ARM averaged 2.88 % this week with an average 0.6 point, down from the previous week when it averaged 2.9 %. At this time last year, the 1-year ARM averaged 3.26 %.
Meanwhile, on the home front, the U.S. economy continued its gradual recovery. The Bureau of Economic Analysis reported the economy grew 2.5 % in the third quarter, the strongest pace in a year, led by a surge in consumer expenditures. In addition, consumer spending rose 0.6 percent in September, nearly threefold that of August.
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