Attention home buyers: Mortgage rates remain low, good news as housing heads into its typically slow winter season. This, combined with the recent extension and expansion of the federal tax credit for buyers, could lure some indecisive shoppers to the dotted line.
Long-term rates fell to the lowest level in five weeks, Freddie Mac reports. Rates for a 30-year fixed loan averaged 4.91% with an average .7 point for the week ending Nov. 12, down from last week’s 4.98%. A year ago, the 30-year rate averaged 6.14%.
In its weekly survey, the Mortgage Bankers Association reports that the average 30-year fixed rate dipped to 4.9%, from 4.97%, with points increasing slightly to 1.03 from 1.01. It’s the lowest rate since the week ending May 15th.
These lower numbers continue to fuel refinancing: The refinancing share of mortgage activity increased to 71.5% of total applications, from 66.1% the previous week. This is the highest refinance share since May.
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