After staying more or less flat the previous week, mortgage rates edged down sightly during the week ended Nov. 9, according to Freddie Mac’s Primary Mortgage Market Survey.
The average rate for a 30-year fixed-rate mortgage (FRM) was 3.9%, down from 3.94% the previous week. A year ago at this time, the 30-year FRM averaged 3.57%.
The average rate for a 15-year FRM was 3.24%, down from 3.27%. A year ago at this time, the 15-year FRM averaged 2.88%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.22%, down from 3.23%. A year ago at this time, the five-year ARM averaged 2.88%.
“After holding steady last week, rates dipped slightly this week,” says Sean Becketti, chief economist for Freddie Mac. “The 10-year Treasury yield fell roughly seven basis points, while the 30-year mortgage rate dropped four basis points to 3.9 percent.”