Mortgage Rates Push Higher in the Week Ending November 12th, 2020

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Mortgage Rates Rise
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 12th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.84% with an average 0.7 point, up from last week when it averaged 2.78%. A year ago, at this time, the 30-year FRM averaged 3.75%. The 15-year fixed-mortgage averaged 2.34% with an average 0.6 point, up from last week when it averaged 2.32%. A year ago, at this time, the 15-year FRM averaged 3.20%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine. Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand. Heading into late fall, the housing market continues to grow and buttress the economy.”

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