Mortgage Rates Inch Lower for the Fifth Consecutive Week

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending November 30th.

The 30-year fixed-rate mortgage averaged 7.22%, down from last week when it averaged 7.29%. A year ago at this time, the 30-year rate averaged 6.49%.

The 15-year fixed-rate mortgage averaged 6.56%, down from last week when it averaged 6.67%. A year ago at this time, the 15-year rate averaged 5.76%.

Commenting on the report, Freddie Mac Chief Economist Sam Khater said:

“Market sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates. The current trajectory of rates is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September when rates were similar to today’s levels. The modest uptick in demand over the last month signals that there will likely be more competition in a market that remains starved for inventory.”