MORTGAGE RATES HIT SIX-MONTH LOW
The 30-year fixed-rate mortgage averaged 6.26 percent for the week ending Nov. 1, its lowest point since May, compared with 6.33 percent a week earlier, and 6.31 for the same period a year ago. The five-year Treasury-indexed adjustable-rate mortgages averaged 5.98 percent for the week, down from the previous week from 6.03 percent, and 6.05 for the same period a year ago.
"Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage rates low over the last few weeks," said Frank Nothaft, Freddie Mac vice president and chief economist.
HUD CREATES AFFORDABLE HOUSING BLUEPRINT
The U.S. Dept. of Housing and Urban Development (HUD) and the Advisory Council on Historic Preservation (ACHP) have released a working roadmap of policies supporting the use of historic preservation as a tool for creating more affordable housing.
During a symposium held this week, HUD and the ACHP, backed by a panel of national experts on affordable housing and historic preservation, unveiled a working set of policies the agencies say carry the potential to help pave the way for more affordable housing in urban neighborhoods.
"Historic preservation and affordable housing are not two separate worlds," said HUD Deputy Secretary Roy A. Bernardi. "Historic preservation can be a powerful tool to fuel the preservation of affordable housing too."
MORTGAGE APPLICATIONS UP 3.8 PERCENT
Mortgage loan activity for the week ending Oct. 31 was up 3.8 percent, according to the latest survey by The Mortgage Bankers Association. On an unadjusted basis, the index was up 19.5 percent compared with the same week one year earlier. The refinance index also increased 9.2 percent to 2249.0 from 2059.3 the previous week.