Mortgage rates decreased slightly this week, as the average rate for a 30-year fixed-rate mortgage fell to 6.81%, down from 6.84% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 7.22%.
“The 30-year fixed-rate mortgage moved down this week, but not by much,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Rates have been relatively flat over the last few weeks as the market waits for more clarity on specific economic policies. Potential homebuyers are also waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.”
The average rate for a 15-year fixed-rate mortgage was 6.10%, up from 6.02% last week but down from 6.56% a year ago.
The Mortgage Bankers Association reports that applications for home purchases surged 12% during the week ended November 22, as rates dipped.
Applications for refinances decreased 3% compared with the previous week but were up 119% compared with the same week one year ago.
Photo: Alison Pang