Freddie Mac’s Primary Mortgage Market Survey for the week ending Nov. 5 found that the 30-year fixed-rate mortgage averaged 2.78 percent – another new record low in the survey’s history, dating back to 1971.
“Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity,” says Sam Khater, Freddie Mac’s chief economist. “Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.”
The 30-year fixed-rate mortgage averaged 2.81 percent last week. A year ago at this time, it averaged 3.69 percent.
The 15-year fixed-rate mortgage averaged 2.32 percent with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.13 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent with an average 0.3 point, up slightly from last week, when it averaged 2.88 percent. A year ago at this time, the 5-year ARM averaged 3.39 percent.
Photo: Sam Khater