Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.09% for the week ending November 4.
“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,” says Sam Khater, Freddie Mac’s chief economist. “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.”
The 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, down from last week when it averaged 3.14%. A year ago at this time, the 30-year FRM averaged 2.78%.
The 15-year fixed-rate mortgage averaged 2.35% with an average 0.6 point, down from last week when it averaged 2.37%. A year ago at this time, the 15-year FRM averaged 2.32%. The 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%. A year ago at this time, the 5-year ARM averaged 2.89%.