As expected, the average rate for a conforming 30-year mortgage fell 18 basis points last week to 4.32 percent, its lowest level since July and 0.26 points below the two-year high of 4.58 percent recorded last month.
The average 30-year fixed mortgage rate was 3.40 percent at this time last year having averaged 6.75 percent since 1990.
While the advertised rate for a conforming 30-year loan at Wells Fargo has fallen to 4.375 percent, their rate for a Jumbo 30-year loan of over $625,500 in San Francisco remains at 4.125 percent, unchanged from the week before.
∙ Fed Backs Off Tapering Talk, Expect Mortgage Rates To Ease [SocketSite]
∙ 30-Year Fixed-Rate Mortgage at Nine Week Low [Freddie Mac]
∙ Spike In Sales Due To, Rather Than Despite, A Spike In Rates [SocketSite]
∙ Mortgage Rates Dip And The Discount For Borrowing More Grows [SocketSite]