Mortgage Rate Update Ending 11/24/10

November 27, 2010

Bankrate.com  conducts a weekly national survey on the interest rates for the five most common consumer banking products.  Here’s the outcome for 11/24/2010:

  • 30 Year Fixed Rate: 4.58 percent
  • 15 Year Fixed Rate: 3.97 percent
  • 5/1 ARM (Adjustable): 3.66 percent

According to the Mortgage Bankers Association:

The drop in rates could be attributable to the Federal Reserve’s so-called “quantitative easing” program which is designed to inject cash into banks. The effect is expected to be downward pressure on long-term interest rates.

The National Association of Realtors reported that October home sales were off by 26 percent from October 2009, falling to 4.43 million from 6 million a year ago. In some parts of the country, sales were at their lowest levels in 20 or more years.

Analysts said the expiration of a federal tax credit on home sales is one reason for the decline. Also, the housing market is glutted with foreclosed homes.

Written by Adam Golden · Filed Under Featured, Tri-Valley Real Estate Update 

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