Mortgage Rates Hit A New Record-Breaking Low Level in the Week Ending November 5th, 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 5th November 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.78% with an average 0.7 point, down from last week when it averaged 2.81% percent. A year ago, at this time, the 30-year FRM averaged 3.69%. The 15-year fixed-mortgage averaged 2.32% with an average 0.6 point, unchanged from last week. A year ago, at this time, the 15-year FRM averaged 3.13%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity. Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.”