Mortgage Rates Move Lower for Third Consecutive Week

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending November 16th.

The 30-year fixed-rate mortgage averaged 7.44%, down from last week when it averaged 7.50%. A year ago at this time, the 30-year rate averaged 6.61%.

The 15-year fixed-rate mortgage averaged 6.76%, down from last week when it averaged 6.81%. A year ago at this time, the 15-year rate averaged 5.98%.

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

“For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding. The combination of continued economic strength, lower inflation, and lower mortgage rates should likely bring more potential homebuyers into the market.”