November 10th, 2011 3:39 PM

Thursday, November 10, 2011

By Bonnie Sinnock

The average rate for a 30-year fixed rate mortgage during the week ending Nov. 10 came in below 4% for the second time this year, remaining near record lows.

At 3.99%, the average 30-year FRM rate was down just a basis point from the previous week, according to Freddie Mac's survey. During the most recent week the average 15-year FRM rate also slid a basis point. It averaged 3.3%.

Fixed mortgage rates remained little changed during the week due to mixed economic data, Freddie Mac vice president and chief economist Frank Nothaft said in his weekly rate report.

Shorter-term rates rose slightly during the week ending Nov. 10. The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage rose by two basis points to 2.98%, while the average one-year Treasury ARM rate increased by seven basis points. It was 2.95% in the most recent week.

Average points were higher for 15-year FRMs during the week ending Nov. 10 at 0.8 of a point. Average points for 30-year FRMs were 0.7 of a point and average points for five-year Treasury hybrids and one-year Treasury ARMs were 0.6 of a point.

A year ago, the 30-year FRM rate was 4.17%, the 15-year FRM rate was 3.57%, the five-year Treasury hybrid rate was 3.25% and the one-year Treasury ARM rate was 3.26%.

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