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.”

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Original Source:
Mortgage Rates Drop Below Three Percent Again