This week 30-year fixed-rate mortgages increased slightly from 3.39% last week to 3.4% this week. This increase is still lower than 2 weeks ago and only 0.04% higher than the record low of 3.36% that was reached last month.
According to Freddie Mac, 15-year mortgage rates have decreased this week to 2.69% from 2.7% last week. This is still lower than the 5-year adjustable-rate mortgages which have also decreased to 2.73% this week compared to 2.74% last week.
1-year mortgage rates this week have a minimal increase of 0.01%, rising to 2.59% compared to 2.58% last year. This is still one of the best mortgage rates for 1-year adjustable-rate mortgages.
Mortgage applications decreased 5% this week compared to the previous week. Large part of this decrease was due to Hurricane Sandy hitting the east coast, which decreased by more than half the mortgage applications received in the States that were hit head-on by Hurricane Sandy.
The refinance share of mortgage applications remains steady at 80% for the second consecutive week. The adjustable-rate share remains at 4% for the third week in a row.
If you want to refinance your home or buy a new house you should take advantage of these low US mortgage rates while they last.
updated Nov 09, 2012
Katrina Gutierrez is a writer at GET.com, a lifestyle and personal finance website. Email: firstname.lastname@example.org.
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