Mortgage rates are leveled before the Thanksgiving holiday



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Mortgage rates barely moved before the Thanksgiving holiday.

According to the latest data released Thursday by Freddie Mac, the average 30-year fixed rate fell to 3.92 percent with an average of 0.5 points. (Points are fees paid to a lender equal to 1 percent of the loan amount). It was 3.95 percent a week ago and 4.03 percent a year ago.

The average 15-year fixed rate rose to 3.32 percent with an average of 0.4 points. It was 3.31 percent a week ago and 3.25 percent a year ago. The average five-year adjustable rate increased to 3.22 percent with an average of 0.4 points. It was 3.21 percent a week ago and 3.12 percent a year ago.

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Bankrate.com, which publishes a weekly mortgage rate trend index, found that more than half of the experts surveyed say that the rates will remain relatively stable in the next week. Greg McBride, chief financial badyst at Bankrate.com, disagrees. He predicts that mortgage loan rates are in the lead.

"Solid earnings, solid economic data, the next increase in Fed rates and the continued reduction of the Fed's balance point to higher rates," he said.

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Meanwhile, a drop in refinancing requests offset a pickup in purchase requests last week, according to the latest data from the Mortgage Bankers Association. The composite market index, a measure of the total volume of the loan application, increased 0.1 percent. The refinancing index fell 5 percent, while the purchasing index increased 5 percent.

The refinancing portion of mortgage activity represented 49.9 percent of all applications.

"The refinancing activity, extremely sensitive the fourth weekly decline in five weeks," said Joel Kan, economist at MBA. "Purchase requests increased last week after the Veterans' Day week, and remained 4.1 percent higher than the same week a year ago." The increase in general purchase requests was driven by increases. in all types of loans: conventional, FHA and VA. "

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