Interest rates on 30-year fixed-rate mortgages fell slightly during the week ending Nov. 19, as the market and investors have mixed opinions on whether the Federal Reserve will raise interest rates next month, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.97%, down one basis point from 3.98% a week ago, according to Freddie Mac's Primary Mortgage Market Survey. This follows two weeks where the average rose as the market anticipated the Fed taking action. The 30-year FRM is two basis points lower than a year ago.
The 15-year fixed-rate mortgage averaged 3.18%, down two basis points from a week earlier and up one basis point from the previous year's period.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.98%, down 5 basis points from a week earlier and down 3 basis points from a year ago.
"The [Federal Open Market Committee's] minutes were couched in careful Fed-speak, and early market reaction was mixed, with most analysts reading their own expectations into the minutes," Sean Becketti, Freddie Mac's chief economist, said in a news release.
