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

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.”