Mortgage Rates Trend Lower in the Week Ending November 9th
As Treasury Yields Decline, Mortgage Rates Move Down
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending November 9th. The 30-year fixed-rate mortgage averaged 7.50%, down from last week when it averaged 7.76%. A year ago at this time, the 30-year rate averaged 7.08%.
The 15-year fixed-rate mortgage averaged 6.81%, down from last week when it averaged 7.03%. A year ago at this time, the 15-year rate averaged 6.38%.
Providing additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November. Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”
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