30-Year Mortgage Rate Drops Back Below 7%
Original Source:
Mortgage Rates Dip Under Seven Percent
Mortgage Rates Dip Under Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 3, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.95% with an average 0.8 point, down from last week when it averaged 7.08%. A year ago at this time, the 30-year FRM averaged 3.09%.
The 15-year FRM rate averaged 6.29% with an average 1.2 point, down from last week when it averaged 6.36%. A year ago at this time, the 15-year FRM averaged 2.35%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.95% with an average 0.2 point, down from last week when it averaged 5.96%. A year ago at this time, the 5-year ARM averaged 2.54%.
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