Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) for the week ending November 24, showing that the 30-year fixed-rate mortgage (FRM) averaged 3.1% – unchanged from last week.
“Despite the noise around the economy, inflation, and monetary policy, mortgage rate volatility has been low,” explains Sam Khater, Freddie Mac’s chief economist. “For most of 2021, mortgage rates have stayed within half a percentage point, which is a smaller range than in past years.”
The 30-year fixed-rate mortgage averaged 3.1% with an average 0.7 point. A year ago at this time, the 30-year FRM averaged 2.72%.
The 15-year fixed-rate mortgage averaged 2.42% with an average 0.7 point, up from last week when it averaged 2.39%. A year ago at this time, the 15-year FRM averaged 2.28%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2. %47 with an average 0.3 point, down from last week when it averaged 2.49%. A year ago at this time, the 5-year ARM averaged 3.16%.