Despite the outcome of the Presidential Election and last week’s Fed rate cut, the average rate for a 30-year fixed-rate mortgage remained flat this week at 6.78%
Still, rates are down significantly from a year ago, when the average rate for a 30-year was 7.44%, according to Freddie Mac’s Primary Mortgage Market Survey.
“After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Our latest research shows that mortgage payments compared to rents on the same homes are elevated relative to most of the last three decades.”
The average rate for a 15-year fixed-rate mortgage was 5.99%, down from 6.0% last week and down from 6.76% a year ago.
Yesterday the Mortgage Bankers Association reported that application volume edged up 0.5% on an adjusted basis during the week ended November 8, with applications for purchases increasing 2% from one week earlier, while applications for refinances decreased 2% compared with the previous week.
Photo: Sarah Brown