The average rate on the 30-year fixed mortgage was nearly unchanged for a second straight week after rising from a record low.
Freddie Mac said Thursday that the rate on the 30-year loan fell to 4.10% from 4.11% last week. Three weeks ago, it dropped to 3.94%, a record low.
The average rate on the 15-year fixed mortgage was unchanged at 3.38%. Three weeks ago it hit a record low of 3.26%.
Low rates have done little to jolt the struggling housing market. Sales remain depressed, and home prices are still dropping in many markets.
High unemployment and declining wages have made it harder for many people to qualify for loans. Most of those who can afford to refinance already have.
The number of Americans who bought previously occupied homes fell in September and is on pace to match last year’s figures — the worst in 13 years.
Rates have been below 5% for all but two weeks in the past year. Five years ago they were closer to 6.5%.
The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount. The average fee for the 30-year fixed mortgage was unchanged at 0.8 point. The average fee for the 15-year loan fell to 0.7 point from 0.8 point.
The average rate on the five-year adjustable loan rose to 3.08% from 3.01%. It ht a record low of 2.96% three weeks ago.
The average fee on the five-year adjustable loan fell to 0.5 point from 0.6 point.
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