Mortgage Rates Move Lower for the Fourth Week in a Row
Mortgage Rates Continue to Slide Down
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending November 22nd.
The 30-year fixed-rate mortgage averaged 7.29%, down from last week when it averaged 7.44%. A year ago at this time, the 30-year rate averaged 6.58%.
The 15-year fixed-rate mortgage averaged 6.67%, down from last week when it averaged 676%. A year ago at this time, the 15-year rate averaged 5.90%.
Commenting on the report, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates continued to decrease heading into the Thanksgiving holiday. In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory. This dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year low.”
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