Mortgage rates tick down after hitting highest level since July
After last week's jump in mortgage rates, the average 30-year fixed mortgage rate dipped slightly for the week ending Nov. 22, according to Freddie Mac's Primary Mortgage Market Survey.
|30-Year FRM ||15-Year ARM ||5/1-Year ARM |
|Average rates ||3.92% ||3.32% ||3.22% |
|Fees & points ||0.5 ||0.4 ||0.4 |
|Margin ||N/A ||N/A ||2.74 |
The 30-year fixed-rate mortgage averaged 3.92% with an average 0.5 point this week, down from a year ago when it averaged 4.03%, and from a week ago when it averaged 3.95%.
The 15-year fixed-rate mortgage this week averaged 3.32% with an average 0.4 point, an increase from last year's average of 3.25% and from 3.31% from the previous week.
With an average 0.4 point, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.32%, an increase from the same time last year when it was 3.12%, and the same period last week when it was 3.31%.
"Rates dipped slightly in a short week leading up to the Thanksgiving holiday," Freddie's Chief Economist Sean Becketti said in a press release. "The 10-year Treasury yield fell roughly 4 basis points, while the 30-year mortgage rate dropped 3 basis points to 3.92%. Mortgage rates continue to remain low."
Freddie Mac reports average commitment rates along with average fees and points to reflect the total upfront cost of obtaining the mortgage, according to the company. Borrowers may still pay closing costs which are not reflected in the PMMS. Results are typically released every Thursday.