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Mortgage Rates Continue to Linger Near 2014 Lows
Nov 13, 2014
Fixed rate mortgages are still hovering around 4% this week, after lower-than-expected employment figures caused concern.
The average for a 30-year fixed mortgage dropped to 4.01% this week, from 4.02% last week, according to the Freddie Mac Primary Mortgage Market Survey. Mortgage interest rates averaged 4.35% this time last year.
“While the unemployment rate declined to 5.8%, nonfarm employment rose by 214,000 jobs, which was below consensus expectations,” said Frank Nothaft, vice president and chief economist at Freddie Mac, in a statement.
The unemployment rate may look good on the surface, but it hides larger implications. For the housing market to fully recover, according to Freddie Mac, there must be income growth and greater labor force participation especially among young people and the long-term unemployed—those 2.9 million people, or 32% of the unemployed, who have been out of work for more than 27 weeks.
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