U.S. fixed mortgage rates barely changed amid 'fiscal cliff'

WASHINGTON, Nov. 29 (Xinhua) -- U.S. fixed mortgage rates this week remained virtually unchanged, hovering near record lows, as concerns about the "fiscal cliff" were growing, according to the Primary Mortgage Market Survey released on Thursday by Freddie Mac.

The U.S. mortgage giant said that 30-year fixed-rate mortgage ( FRM) was 3.32 percent in the week ending Nov. 29, slightly up from last week's 3.31 percent. Last year at this time, the 30-year FRM averaged 4.00 percent.

The 15-year FRM, a popular choice for those looking to refinance, edged up to 2.64 percent from 2.63 percent in the previous week. A year ago at this time, the 15-year FRM was 3.30 percent.

Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) inched down to 2.72 percent, and the 1-year Treasury-indexed ARM was unchanged at 2.56 percent.

The little change in mortgage rates has resulted from growing concerns over the possible "fiscal cliff," but the housing market is still showing more positive signs, said Frank Nothaft, chief economist of Freddie Mac.

The U.S. Federal Reserve in September launched a third round of bond buying, which immediately dragged down the long-term interest rates. The record low mortgage rates serve as a crucial incentive to house refinancing and buying.

With constant improvement in the market this year, the U.S. housing crash is said to have reached the bottom. However, many economists hold that the market still needs years to completely recover.

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