U.S. Mortgage Rates Settle in Near Record Lows
Author:
Chad Wandler
Location: McLean
Date: 2012-11-09
Freddie Mac (OTC: FMCC) yesterday released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates mixed following the monthly employment report but continuing to hover near their record lows over the past six weeks. Last year at this time, the 30-year fixed-rate mortgage averaged 3.99 percent, dropping below 4.00 percent for the first time since Freddie Mac started reporting its weekly mortgage rates survey in 1971. News Facts
Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac. "Mortgage rates remained near record lows following the employment report for October. The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.9 percent and that average hourly wages were unchanged."
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