Mortgage Rates Fall Below 3% Again
Home buyers are seeing a break from rising mortgage rates as the bond market finds its equilibrium, but that doesn’t mean most Americans will save money when they purchase property.
The 30-year fixed-rate mortgage averaged 2.98% for the week ending Nov. 10, down 11 basis points from the previous week, Freddie Mac reported Wednesday. A year ago, the 30-year fixed-rate mortgage was averaging 2.84%.
The 15-year fixed-rate mortgage, meanwhile, sank eight basis points to an average of 2.27%. The 5-year Treasury-indexed adjustable-rate mortgage averaged 2.53%, down one basis point from the previous week.
“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” Freddie Mac chief economist Sam Khater said in the report. “These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year.”
