Mortgage Rates Fall in the Week Ending November 4, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 4, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, down from last week when it averaged 3.14%. A year ago, at this time, the 30-year FRM averaged 2.78%.

The 15-year fixed-mortgage averaged 2.35% with an average 0.6 point, down from last week when it averaged 2.37%. A year ago, at this time, the 15-year FRM averaged 2.32%.

In remarks prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “While mortgage rates fell after several weeks on the rise, we expect future upticks due to stronger economic data and as the Federal Reserve pulls back on its stimulus. That said, the housing market remains favorable for consumers, as rates remain below pre-pandemic levels and continue to support sustainable purchase and refinance opportunities.”