Down 2 basis points in a week: The national average for fixed-mortgage rates continued to fall last week, dropping 2 basis points. That put the average for a 30-year, fixed-rate mortgage at 4.84% for the week ending Sunday, according to the Zillow Mortgage Rate Monitor, and the average 15-year rate at 4.29%. Zillow says the volume of mortgage requests nationally was up nearly 5% from the week ending Nov. 1.
Numbers down, but spending steady: The number of small businesses that plan to give customers holiday gifts this year dropped slightly from 2008, but the amount budgeted for presents is the same. According to the American Express OPEN Small Business Monitor, 47% of small businesses will hand out presents, compared with 52% in 2008. The more than 500 small businesses surveyed say they have budgeted $455 for gifts, compared with $457 in 2008. While companies are giving presents as a way of saying thank you to clients, they are cutting back on employee gifts because of the recession. Thirty-five percent will give employees presents, compared with 46% in 2008, and 31% are giving bonuses, down from 44%.
