US mortgage rates inch lower
According to Freddie Mac's latest Primary Mortgage Market Survey, the average 30-year fixed mortgage rate inched lower in the U.S> in late November 2017. Freddie Mac's Deputy Chief Economist Len Kiefer said, "The 30-year fixed mortgage rate fell two basis points to 3.9 percent in this week's survey, but we closed our survey prior to a surge in long-term interest rates following an upward revision to third quarter U.S. Real GDP growth and comments by Federal Reserve Chair Yellen touting a broad-based economic expansion." Kiefer continued, "The market implied probability of a Fed rate hike in December neared 100 percent, helping to drive short term interest rates higher. The 5/1 Hybrid ARM, which is more sensitive to short-term rates than the 30-year fixed mortgage, increased 10 basis points to 3.32 percent in this week's survey. The spread between the 30-year fixed mortgage and 5/1 Hybrid ARM is just 58 basis points this week, the lowest spread since November of 2012." Freddie Mac News Facts:
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