Mortgage rates level off before Thanksgiving

Mortgage rates barely moved heading into the Thanksgiving holiday.

According to the latest data released Thursday by Freddie Mac, the 30year fixed-rate average slipped to 3.92 percent with an average 0.5 point. (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 15-year fixed-rate average edged up to 3.32 percent with an average 0.4 point. It was 3.31 percent a week ago and 3.25 percent a year ago. The five-year adjustable rate average increased to 3.22 percent with an average 0.4 point. It was 3.21 percent a week ago and 3.12 percent a year ago.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that more than half of the experts it surveyed say rates will remain relatively stable in the coming week. Greg McBride, chief financial analyst at Bankrate.com, disagrees. He predicts that home loan rates are headed up.

“Strong earnings, solid economic data, an upcoming Fed rate hike and the continued downsizing of the Fed’s balance sheet all point to higher rates,” he said.

Meanwhile, a drop in refinance applications offset an uptick in purchase applications last week, according to the latest data from the Mortgage Bankers Association. The market composite index — a measure of total loan application volume — increased 0.1 percent. The refinance index fell 5 percent, while the purchase index rose 5 percent.