Average Rate for 30-Year Mortgage Fell Nine Basis Points

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After increasing last week, mortgage rates reversed course, with the average rate for a 30-year fixed rate mortgage falling nine basis points to 3.66%, down from 3.75% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the average rate for a 30-year was 4.81%. 

“The housing market continues to steadily gain momentum with rising homebuyer demand and increased construction due to the strong job market, ebullient market sentiment and low mortgage rates,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Residential real estate accounts for one-sixth of the economy, and the improving real estate market will support economic growth heading into next year.”

For the week ended Nov. 22, the average rate for a 15-year fixed-rate mortgage was 3.15%, down from 3.20% the previous week.

A year ago at this time, the average rate for a 15-year was 4.24%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.39%, down from 3.44%.

A year ago, the average rate for a five-year ARM was 4.09%.

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