Thinking about refinancing your mortgage? Here's something to consider: Mortgage rates dipped again to near-record lows, according to a weekly survey by Freddie Mac.

For the week ending November 8 the 30-year fixed rate mortgage averaged 3.40 percent with an average 0.7 point. Last year at this time, the 30-year FRM averaged 3.99 percent.

Want to shorten the pay-off period? The 15-year averaged 2.69 percent with an average 0.7 point, down from last week when it averaged 2.70 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac, said that rates remained near record lows following the employment report for October.  "The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.9 percent and that average hourly wages were unchanged."

Freddie Mac said that for those who refinanced during the third quarter, the median interest rate eduction was 1.7 percentage points or 31 percent, the largest in 27 years. In fact, 83 percent of those who refi'd a first mortgage mainted the same loan amount, or lowered their principal balance by bringing cash to the closing table.



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