Mortgage Rates Fall Back Below 3% in the Week Ending November 10, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 2.98% with an average 0.7 point, down from last week when it averaged 3.09%. A year ago, at this time, the 30-year FRM averaged 2.84%.

The 15-year fixed-mortgage averaged 2.27% with an average 0.6 point, down from last week when it averaged 2.35%. A year ago, at this time, the 15-year FRM averaged 2.34%.

In a statement prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week. These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year. However, affordability pressures continue to be an ongoing concern for homebuyers.”