Real Estate

Mortgage Rates Fall Slightly, But Still Above 3% — RISMedia

The 30-year fixed-rate mortgage (FRM) averaged 3.09% for the week ending Nov. 4 according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®).

Mortgage details:

30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, down from last week when it averaged 3.14%. Last year, the 30-year FRM averaged 2.78%.

15-year fixed-rate mortgage averaged 2.35% with an average 0.6 point, down from last week when it averaged 2.37%. Last year, the 15-year FRM averaged 2.32%.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54% with an average 0.3 point, down from last week when it averaged 2.56%. Last year, the five-year ARM averaged 2.89%.

The takeaway:

“While mortgage rates fell after several weeks on the rise, we expect future upticks due to stronger economic data and as the Federal Reserve pulls back on its stimulus,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “That said, the housing market remains favorable for consumers, as rates remain below pre-pandemic levels and continue to support sustainable purchase and refinance opportunities.”



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