Mortgage Rates Drop for Second Week in a Row

Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending November 23, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.58%, down from last week when it averaged 6.61%. A year ago at this time, the 30-year FRM averaged 3.10%.

The 15-year fixed-rate mortgage averaged 5.90%, down from last week when it averaged 5.98%. A year ago at this time, the 15-year FRM averaged 2.42%.

Note: Freddie Mac recently announced a number of PMMS® enhancements to improve the collection, quality, and diversity of data used. Instead of surveying lenders, the weekly results are now based on thousands of applications from across the country that are submitted to Freddie Mac when a borrower applies for a mortgage. Additionally, the PMMS® will no longer publish fees/points or adjustable rates. The newly recast PMMS® was put in place last week (11-17-22).

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