Mortgage rates remain @ record lows amid fiscal cliff concerns

I keep thinking we have seen the lowest mortgage rates ever. Last week one of my clients closed on a home here in Williamsburg using a 15 year mortgage with a rate if 2.50 percent. Just yesterday I had another buyer lock in with a 2.25 % interest rate on her 15 year mortgage.

Mortgage rates remained near record lows as concerns over the “fiscal cliff” continued, according to McLean-based Freddie Mac.

The average 30-year, fixed-rate mortgage was 3.32 percent this week, up from 3.31 percent last week. The 3-year rate has been below 4 percent for all but one week in 2012. Last year at this time, the average 30-year rate was 4 percent.

The average 15-year mortgage rate was 2.64 percent this week, up from 2.63 percent last week.  Last year, the average 15-year rate was 3.3 percent.

“Mortgage rates were virtually unchanged this week amid growing concerns around the fiscal cliff,” said Frank Nothaft, chief economist at Freddie Mac. “Although low mortgage rates failed to boost new home sales in October, year-to-date sales are up 20 percent compared with 2011 volumes, and there are growing signs of a turnaround in house prices.”

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