Freddie Mac: Mortgage Rates Increase Slightly in November 27th Report
Freddie Mac released the results of its Primary Mortgage Market Survey® (“PMMS”®), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 3.68 percent, increasing slightly since last week.
“Following a decline in the first nine months of 2019, mortgage rates have traded narrower during the last two months with a modest drift upward due to an improved economic outlook,” said Sam Khater, Freddie Mac’s Chief Economist. “While there has been a lag in the housing market’s response to lower rates, real estate volumes have clearly shifted into a higher gear. Moreover, the recent improvement in the cyclical segments of the economy and easing financial conditions will provide a gentle tailwind to the real estate market rebound over the next few months.”
– 30-year fixed-rate mortgage averaged 3.68 percent with an average 0.5 point for the week ending November 27, 2019, up slightly from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.81 percent.
– 15-year fixed-rate mortgage averaged 3.15 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 4.25 percent.
– 5-year Treasury-indexed hybrid adjustable-rate mortgage (“ARM”) averaged 3.43 percent with an average 0.3 point, up from last week when it averaged 3.39 percent. A year ago at this time, the 5-year ARM averaged 4.12 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
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Angela Waugaman – Angela_Waugaman@FreddieMac.com – (703) 714-4829
Source: Freddie Mac